The National Pension Commission (PenCom) has threatened to prosecute employers who fail to procure Group Life Insurance Policy for their workers.
The commission in a notice to all employers on Monday gave employers in the country July 31, 2021 deadline for them to provide copies of the insurance policy.
The Commission said in that those who flout the directive will be prosecuted, describing it as a violation of the section 4(5) of the Pension Reform Act, 2014.
PenCom has a joint regulatory policy with the National Insurance Commission (NAICOM) on the insurance policy for workers.
“In accordance with the provision of section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a group life insurance policy in Favour of all employees,” the notice read.
The commission reminded employers that the policy “should be a minimum of three times the annual total monument of the employees.”