The National Pension Commission has recovered about N553m from defaulting employers who deducted their workers monthly emoluments but failed to remit to their Retirement Savings Accounts with their respective pension fund administrators.
PenCom disclosed this in its monthly report for the fourth quarter of 2020.
Out of this amount, the principal contribution of the workers was N382.46m, while a penalty of N170m was recovered through recovery agents.
The commission stated that during the period under review, the pension industry recorded a net marginal growth of 0.72 per cent in schemes membership during the quarter under review.
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