Trusftfund Pensions TFP, Plc, held its annual employers’ forum across the country to keep employers who are their customers abreast with the developments in the pensions industry and get feedbacks from them among others.
In one of the venues of the forum held in Lagos to intimate employers with their duties with regard to their employees as it concerns TFP in terms of their contributions, their remittances, the recent trend in the market or recent developments in the industry, TFP’s Regional Manager, Lagos, Obafemi Arobadi, among others, while acknowledging the serious challenge of remittances by both private and public sectors employers, warned that contributors stand to lose investment income among other benefits for the failure of their employers to remit deducted funds as at when due.
Non-remittances by employers
It has been very challenging, I must confess especially for employers who have not been remitting as at when due, although there are provisions in the law on how to handle such.
One of these is that, when you have an employer who has not been remitting regularly, we are supposed to get the regulator informed about it. But before we do that, we try to find out what is responsible for such because the implication of making an official report, is that it could lead to one or two things for your customers. It could lead to the organisation being sealed up and when such is done, what happens to the workers. They could lose their jobs. What we do in the first instance is to find out if they are deducting and not remitting or they are not deducting at all? The employer could be going through a bad phase in term of having economic challenge. We have seen cases like that and we have equally seen cases where employers pull through and they come back to clear whatever outstanding they had. We also have cases where employers deduct, but refuse to remit and we have a lot of that in the private sector.
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In one of the venues of the forum held in Lagos to intimate employers with their duties with regard to their employees as it concerns TFP in terms of their contributions, their remittances, the recent trend in the market or recent developments in the industry, TFP’s Regional Manager, Lagos, Obafemi Arobadi, among others, while acknowledging the serious challenge of remittances by both private and public sectors employers, warned that contributors stand to lose investment income among other benefits for the failure of their employers to remit deducted funds as at when due.
Non-remittances by employers
It has been very challenging, I must confess especially for employers who have not been remitting as at when due, although there are provisions in the law on how to handle such.
One of these is that, when you have an employer who has not been remitting regularly, we are supposed to get the regulator informed about it. But before we do that, we try to find out what is responsible for such because the implication of making an official report, is that it could lead to one or two things for your customers. It could lead to the organisation being sealed up and when such is done, what happens to the workers. They could lose their jobs. What we do in the first instance is to find out if they are deducting and not remitting or they are not deducting at all? The employer could be going through a bad phase in term of having economic challenge. We have seen cases like that and we have equally seen cases where employers pull through and they come back to clear whatever outstanding they had. We also have cases where employers deduct, but refuse to remit and we have a lot of that in the private sector.
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