Only Edo, Delta, FCT, 7 others Remit Employees’, Employers’ Pension Contribution – PenCom
By Nosakhare Agbonigiarhuoyi
The National Pension Commission (PenCom) has said that Edo and Delta states are the only two south-south states that remitted employees and employers’ pension contributions in the region in the first quarter of year 2022.
The other States according to PenCom in the Report released on June 7, that remitted employers and employees’ pension contributions are: Benue, Anambra, Kaduna, Ondo, Osun, Ekiti, Lagos and the Federal Capital Territory (FCT).
The mandatory Contributory Pension Scheme (CPS) was established in 2014 under the Pension Reform Act 2014 for workers in both public and private sectors.
Section 4 of the Act provides for a mandatory minimum contribution of ten (10) and eight (8) percent of employee’s monthly emolument by the employer and employee respectively.
The scheme was introduced in Edo State by the Governor Godwin Obaseki-led administration in 2017. This has ensured that retirees under the scheme receive their monthly pension regularly and promptly.
According to the report, Edo is free from backlog in remittance, which is not the case with Osun, Anambra, Delta, FCT Area Councils, Ekiti and Ondo.
Edo State is also one of the states in the nation with enacted laws on CPS and with pension Bureaux/Boards in line with CPS.