There are measures to ensure employers pay employees' contributions – NPRA
Posted on: 06-Sep-2012
The National Pensions Regulatory Authority, NPRA has assured it has instituted mechanisms to ensure employers make the mandatory pensions contributions on behalf of their employees.
This follows concerns some companies are underpaying or not paying at all, their workers’ 1st and 2nd tier contributions.
Chief Executive, Sam Pee Yarley tells JOY BUSINESS, international best practices have been adopted to ensure workers derive maximum benefits from the new pensions scheme.
“As part of the requirements, we insisted that the Trustees put in place ICT facilities that are interconnected to our system. Besides that, we are requesting periodic reports in a certain format to be determined by the board" he noted.
"So every month the monitoring and supervision team would review the reports to ascertain those not paying for action to be taken. And the Trustees themselves are also going to appoint compliance and enforcement officers to ensure that the registered employers are duly making payments” he added.
The authority has so far received 123 scheme applications which it is currently reviewing to register by the middle of the month.