‘Late remittance of pension leads to loss of income’

‘Late remittance of pension leads to loss of income’

Workers whose employers remit their pension contributions late stand the risk of losing their investment, the Regional Manager, Trustfund Pensions, Obafemi Arobadi, has  said.

Arobadi, who spoke at the firm’s yearly employers/interactive session on regulatory compliance, said due to the late payment of their contributions to the Pension Fund Administrators (PFAs), most contributors might lose gains accruing to them.

He said employers were expected to remit the monthly  contributions within seven days of paying their workers’salary. “When you don’t pay as at when due, your employee loses investment income. Seven days, that’s what the law says. We are organising this yearly event to update the employers as well as employees on the recent issues in the industry,” he said. Read more

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