The National Pension Commission (PenCom) has disclosed that it issued Pension Clearance Certificates (PCCs) to 1877 organizations in the 4th quarter of 2020.
PenCom received a total of 1,900 applications from private sector organizations for the issuance of PCCs but only 1,877 organizations were given the PCCs while 23 applications were declined due to the inability of the organizations to meet the requirements for issuance of the certificates.
PenCom further disclosed that the 1,877 organizations remitted a total sum of N9,878,025,459.10 into the Retirement Savings Accounts of 41,923 employees.
Pension Compliance Certificates is a mandatory requirement for organizations transacting business with Federal Government Ministries, departments and Agencies (MDAs) and it is also a means of identifying responsible employers. The major requirement for pension compliance certificate is remittance of pension contribution and group life insurance policy for employees.
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