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By Henry Uche
The National Pension Commission (PenCom) has announced that over 38,000 employers have successfully provided pension and insurance coverage for their workers.
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The development ensures that the employers are compliant with the provisions of the Pension Reform Act 2014, allowing them to continue conducting business with the Federal Government throughout 2024.
From January 2024 to December 11, 2024, over 38,000 employers secured pension and insurance coverage for their workers, obtaining compliance certificates that allow them to continue doing business with the Federal Government throughout the year. PenCom, in its guidelines for employee life insurance policies, made it clear that companies without insurance for their workers would no longer be eligible for government contracts. Additionally, the Commission emphasized the importance of maintaining proper pension accounts for all employees, issuing annual Pension Clearance Certificates to eligible organizations. PenCom also reminded ministries, departments, and agencies (MDAs) that only certificates issued by the Commission would be accepted as evidence of compliance with the Pension Reform Act 2014. This directive underscores the necessity for employers to fully comply with the law to engage in government business.
