PenCom reminds employees of their right to life insurance policy

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THE National Pension Commission, PenCom, is reminding employees in the public service of the Federation, Federal Capital Territory and States that have implemented the contributory pension scheme as well as private sector, that it is their rights; under Section 4(5) of the PRA 2014 to have life insurance policy taken on their behalf by their employers for an insured amount of not less than three times their annual total emolument.

PenCom stated this in a statement issued today and made available to Realnews on Thursday, January 23.

According to the statement, “employees are also required to ensure that all pension contributions deducted from salaries and/or contributed by employers are remitted to the Pension Fund Custodian (PFC) by the Employer not later than seven (7) working days from the date of payment of their salaries.

PenCom advised employees to report to the commission where the employer fails to procure the minimum required Life Insurance Policy in their favour; submit the evidence of compliance with life insurance policy to the commission and place the certificate in a conspicuous place within the organization; and remit the deducted pension contributions into their retirement savings accounts.

 

– Jan. 23, 2020 @ 13:11 GMT |

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