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THE National Pension Commission, PenCom, is asking employers of labour to comply with the guidelines for life insurance policy for employees and to submit an insurance certificate for 2020.
PenCom stated this in a notice to all employers which was made available to Realnews on Thursday, January 23.
According to PenCom, “In accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014 and Section 5.5 of the Guidelines for Life Insurance Policy for Employees, Employers of labour covered by the PRA 2014 are required to submit copies of the Insurance Certificates with the schedule of benefits to the National Pension Commission (PenCom).
“The Insurance Certificates shall state that all employees are covered up to an amount not less than 3 times their respective Annual Total Emoluments (ATE).
“Employers that have not yet submitted copies of Insurance Certificates for the current year to the Commission, are therefore advised to do so before 31 March, 2020, failing which the National Pension Commission would consider such employers in default of Section 4(5) of the Pension Reform Act (PRA) 2014.”
The guidelines for life insurance policy for employees can easily be accessed and downloaded from the following website address:www.pencom.gov.ng/guidelines/guidelines for Life Insurance Policy.
It said that compliance with PRA 2014 is not complete without the Group Life Insurance Policy.
– Jan. 23, 2020 @ 13:11 GMT |
Tags: PenCom gives employers March 31 deadline to submit insurance certificate
