The National Pensions Regulatory Authority (NPRA) has revealed that over 51,000 private companies across the country have not enrolled their workers onto any pension scheme.

According to the NPRA, employers who fail to enroll their workers onto the Mandatory 2nd Tier Occupational Pension Scheme commit an offence under the National Pensions Act, 2008.

In an interview with Citi News, the Director of regulations at the NPRA, Ernest Amartey Vondee said they will punish the defaulters if they still fail to pay up after forcibly enrolling their workers onto the various schemes.

He also added that the NPRA will educate employers on the need for them to enroll their employees onto pension schemes.

He said if that fails, “we are going to do a ballot and assign them, mandatorily, to the private pension fund companies.”

“They have to pay or appropriate sanctions will apply. The sanctions include terms of imprisonment, monetary fines and so on. We are going to do this compulsory enrolment soon. We actually sent out the modalities to the private pension fund companies to participate in the process,” Mr. Vondee added.

Source: citifm

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