Sanctions are in store for firms who don’t provide comprehensive employee remittance data by December 31, 2023, according to the National Pension Commission.
PenCom made this disclosure in a paper distributed to worried companies and workers on Wednesday.
The Commission requested that businesses who have missing or incorrect employee remittance documents contact their Pension Fund Administrators (PFAs) on or before December 31, 2023, so that the issue may be fixed.
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Over 100,000 employees were reportedly impacted by this development, it was learned.
Please take note that, in accordance with the requirements of the PRA 2014, the Commission “shall take appropriate regulatory actions against employers who fail to comply with this directive by December 31, 2023.”
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