The National Pension Commission (PenCom) has revealed that over 38,000 employers secured pension and insurance coverage for their workers in 2024. This move aligns with the provisions of the Pension Reform Act 2014, ensuring businesses can continue working with the Federal Government. Employers who met these requirements were issued Pension Clearance Certificates, a mandatory compliance document for engaging in government contracts.
PenCom emphasized that companies without valid employee life insurance policies and proper pension accounts for their workers would be disqualified from Federal Government business. Ministries, departments, and agencies (MDAs) were also reminded to only accept certificates issued by PenCom as evidence of compliance. This directive reinforces the necessity for organizations to align with the law, promoting workers’ welfare and ensuring legal accountability in government-related engagements.
The development highlights PenCom’s strict enforcement of the Pension Reform Act and its commitment to safeguarding employees’ rights. By requiring life insurance policies and pensions, the Commission aims to create a secure working environment while supporting Nigeria’s compliance-driven economy. The issuance of over 38,000 certificates marks significant progress in the drive for full employer compliance.