Pencom Disputes Claims regarding employee remuneration.

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According to a press release issued by the management and signed the regulatory authority; the highest paid employee makes less than N1 million per month. This goes against a previous report that said PenCom staff received pay of up to N3 million each month.

In response, PenCom stated that it is absurd and unlikely that the lowest-paid PenCom employee will receive a monthly pay of N3 million. It was also mention that errors in calculations might be to blame.

The commission noted that the federal government compelled the board to create an employee compensation policy that favorably contrasted with equivalent policies enacted by other government institutions in the financial services industry, such as the Central Bank of Nigeria.

The remuneration structures of regulatory agencies should contrast with those of the sectors they supervise; in order to prevent corporate influence. Additionally, a salary raise should be in administration annually to reflect changes in the cost of living and inflation.


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