NECA obtains waiver on new pension rates

The waiver only applies to the new contributory rate as contained in the law.Employers in both the public and the private sectors had raised the issue of difficulty to effect the implementation of the enhanced new rate of 10% by employers on account of the fact that the increment was not budgeted for at the […]

The waiver only applies to the new contributory rate as contained in the law.
Employers in both the public and the private sectors had raised the issue of difficulty to effect the implementation of the enhanced new rate of 10% by employers on account of the fact that the increment was not budgeted for at the beginning of the year.
NECA President Mr Larry Ettah noted that the Pension Reform Act (2014) would go a long way to promote coverage and compliance, while at the same time nipping the perennial issue of pension related fraud.
“By this development, PENCOM has demonstrated how regulatory institutions could engage stakeholders in the promotion of socio-economic development of the country while NECA’s intervention has shown the benefits of meaningful advocacy and constructive dialogue,” he said.
NECA is a platform for private sector employers to interact with the government, labour, communities and other relevant institutions in and outside Nigeria for the purpose of promoting harmonious business environment that engenders productivity and prosperity for the country.