The Association of Pension Desk Practitioners of Nigeria ,ASSOPEP, has called on both Federal and State governments to pay over N400 billion it owes pensioners under the Contributory Pension Scheme.
According to Egbu, “Some of the infractions of the law by states and private organisations include.
The group commended PENCOM for making a total recoveries of N18.27 billion from 2012 to 31 December 2020 from trapped funds, This figure represents principal contributions of N9.43 billion and penalties of N8.84 billion. About 30 states are without valid group insurance for employee’s contrary to the provision of the Act.
“A situation where about 5.1 million RSAs had incomplete documentation as of 2020 means that these people will not have easy access to their fund on retirement”.