Wabba decries employers non-remittance of pension fund
President of Nigeria Labour Congress (NLC) Ayuba Wabba has chided employers who failed to remit pension funds, saying their action is a threat to the implementation of the contributory pension scheme. Speaking at the Annual General Meeting of Trustfund in Abuja, Wabba, who is a director of the organization, lauded the Pension Fund Administrator […]
President of Nigeria Labour Congress (NLC) Ayuba Wabba has chided employers who failed to remit pension funds, saying their action is a threat to the implementation of the contributory pension scheme.
Speaking at the Annual General Meeting of Trustfund in Abuja, Wabba, who is a director of the organization, lauded the Pension Fund Administrator (PFA), and said the Nigeria Labour Congress has directed its sectoral unions to compile names of organizations that deduct but failed to remit pension funds for engagement.
He said: “In my visit to some of our sectoral unions, I urged them to follow up on the employers that deducted but failed to remit and ensure that the right thing is done for the benefit of the working class. Where any employer refuses to comply, the national secretariat will step in. It is criminal for any employer not to remit deducted money because the law makes it compulsory for every employer to remit pension funds.”
He lauded the Managing Director of Trustfund, Mrs Helen Da-Souza for ensuring that the PFA stays afloat and even declare dividend in an environment that is unfriendly occasioned by the prevailing recession.
“There are challenges with the remittances of deducted fund especially by the employers including state governments as they often fail to remit these funds. Trustfund is able to overcome the challenges because of the ownership structure of the organization. Labour presence on the board of Trustfund ensures that the policies and operations of the organization are tailored towards enhancing the wellbeing of Nigerian workers and guarantee maximum return on investment.”