As a result, the regulatory agency said the commission had issued annual Pension Clearance Certificates to eligible organisations.
“MDAs are reminded to ensure that only Pension Clearance Certificates issued by the commission are accepted as evidence of compliance with the provisions of the PRA 2014,” it stated. The commission said the firms must provide evidence of remittance of monthly pension contributions for all employees. It said that they must provide evidence of group life insurance policy for employees, specifying the number of lives and sum assumed.
In the directive, the commission stated that in accordance with the provisions of Section 4 of the 2014 and Section 5.5 of the guidelines for life insurance policy for employees, employers of labour covered by the PRA 2014 were required to submit copies of the insurance certificates with the schedule of benefits to the commission.All rights reserved.