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My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs - Career (4) - Nairaland

Nairaland Forum / Nairaland / General / Career / My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs (11707 Views)

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Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by simpleswazy(m): 12:35pm On May 11
Niorte:
Please what can be done? The company i work for keep deducting pension money from the salaries of its staff every month without paying to the Pension Fund Administrators.

What is the consequence of this? Who is supposed to act, me or the PFA?

Is there any known labour law which allows this.

This has been going on for more than a year now.


Please help me move this to front page.
We may not be able to challenge the management but it is believed that social media can help turn around the situation.
The question I will ask is how many month or years have you been working with the company? because my own company remove it monthly but you don't get notification until 3 month after so it depends .I will suggest you speak with the HR of your company first before concluding .
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Mustay(m): 12:36pm On May 11
Wallade:


Oga, a lot of companies are culpable of non remittance of Pension in Nigeria despite deductions. How many of these companies eventually remit the accrued pension when the liquidity challenge is resolved? Do they remit the accrued Pension with interest?

Stop making excuses for such offences. We all know that once they start defaulting, the chances that they will eventually remit the pension becomes slim.

The funny thing is that the job he is asked to protect can be at risk once another disgruntled employee takes the company up on this. For such a person, there's nothing to lose and all employees are still affected. Either way, reporting or not reporting, or for companies not remitting, all parties are at risk. Foolish way to run down a company.


The law can be an ass but flouting it can also make an ass of you.

It's a good topic though because quite a number of people don't know their rights (don't ask or bother to check payslips as long as they receive alerts) and keep working like contractors. It also serves as a good reminder of what to look out for in and know if you get correct work.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by kaziblake(f): 2:07pm On May 11
DonPablo007:

I advice you get and RSA form, let's petition them, we could petition them and I bet you all the money taken from you would be remitted with high interest rate
Noo but thanks for the advise.
I don't want to loose my job
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 2:31pm On May 11
Niorte:


My pension is with Stanbic IBTC and I have access to the online portal of my pension. So I can monitor it.

Okay boss... do what you feel is right.... you can report them if you feel that's the right way to go about it. but I believe there are smarter ways... trust me bro... I've seen lots pf these cases
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Zephd(m): 2:35pm On May 11
I sympathize with you.


But that is one of the problems of a 9-5 job.

If you are interested in working remotely like me either to earn more cash or as a full time job, then follow the link on my signature to get started.


Best wishes

Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 2:41pm On May 11
Wallade:


Oga, a lot of companies are culpable of non remittance of Pension in Nigeria despite deductions. How many of these companies eventually remit the accrued pension when the liquidity challenge is resolved? Do they remit the accrued Pension with interest?

Stop making excuses for such offences. We all know that once they start defaulting, the chances that they will eventually remit the pension becomes slim.

I agree lots of companies are culpable. forgive me for playing devil's advocate here... but running a business in Nigeria is not easy bruv... sometimes some rules have to be broken just to keep afloat... talking from experience bro... sometimes somethings just have to be done to ensure your company don't go under.... please... get me well... I am not saying what they are doing is right...
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 2:46pm On May 11
Wallade:


Are you justifying the non remittance of Pension after deductions from the staff salary.

Do you realize that Pension consists 8% deducted from staff salary and 10% of salary of staff contributed by the company on monthly basis.

Do you know it is an offence for the company not to remit duely.

Do you know that non remittance on due dates deny the staff interest that should accrue on it over time.

The situation whereby PENCOM does not prosecute the companies does not nullify the offence, the company is liable in court. Read the Pension Act


Lol.... have you ever managed a company before?

Have you ever managed a company's cash flow?

When you have done this and overcome the challenges of running a company in Nigeria... then we can discuss more..

I am not saying what they are doing is right... don't quote me wrong... I said as an employee... you might not know ... things may not be rosy with your company at the moment and they try their best to just stay afloat... to ensure they pay you on time... but MAYBE TRULY .. they don't have enough to remit.... it's wrong.. I know.. but what can they do.

We can discuss more when you have more experience in with the above I mentioned.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Taiwo20(m): 3:36pm On May 11
Niorte:
Please what can be done? The company i work for keep deducting pension money from the salaries of its staff every month without paying to the Pension Fund Administrators.

What is the consequence of this? Who is supposed to act, me or the PFA?

Is there any known labour law which allows this.

This has been going on for more than a year now.


Please help me move this to front page.
We may not be able to challenge the management but it is believed that social media can help turn around the situation.


A violation of the pension act. Send an email to PENCOM with adequate evidence and don't mention this to anyone at work
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Ifynoble100(m): 3:44pm On May 11
kelvinnaira:
Hmm.. Fraudsters everywhere..
same thing with my company for over a year now.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by davexcel01: 4:27pm On May 11
Same had being the case of our monthly deducted pension money at my present place of work too.its seems pension stuffs with some private company's in Nigeria naa scam jaree. The truth is our govt. needs to do more in check mating this with our private company by doing enough to end this trends.its honestly alarming.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Wallade(m): 6:11pm On May 11
H2Ossss:



Lol.... have you ever managed a company before?

Have you ever managed a company's cash flow?

When you have done this and overcome the challenges of running a company in Nigeria... then we can discuss more..

I am not saying what they are doing is right... don't quote me wrong... I said as an employee... you might not know ... things may not be rosy with your company at the moment and they try their best to just stay afloat... to ensure they pay you on time... but MAYBE TRULY .. they don't have enough to remit.... it's wrong.. I know.. but what can they do.

We can discuss more when you have more experience in with the above I mentioned.

LMAO. I don't know if I should assume that you are teasing or trying to despise me but whatever the case may be, I take no offence.

Let me inform you that I am an accountant and well experienced at business finance. I don't wanna dwell on my credentials especially because I am not up for an interview or assessment for a job but you over-emphasizing your credentials, which are still to be proven, sounds immature and arrogant to me.

Learn to stop justifying what is wrong with an excuse, irrespective of how tenable it sounds to you. Managers like you accumulate debt and liabilities for the organization till the org. is buried in debt and becomes bankrupt, all in the name of speculations and hopes. Business decisions are expected to be realistic and objective. Stop putting staff to work without a concrete plan to fully remunerate them. If you mismanaged your cash flow and run into liquidity problems, you can take the objective decision to downsize or shut down temporarily rather than enslave the staff with partial payment of their benefits.

If you are tempted to keep the staff on partial payment, communicate the decision, to them, that you intend to the defer the balance of their remuneration till later date and pay with interest. This commitment you must do on paper, sealed and signed; let it be the staff decision to stick with you despite the liquidity mess you created.

Those are fair negotiations not the strategy you are strongly promoting. Your strategy can easily be used against staff and definitely not in the best interest of the staff.

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Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Wallade(m): 6:23pm On May 11
H2Ossss:


I agree lots of companies are culpable. forgive me for playing devil's advocate here... but running a business in Nigeria is not easy bruv... sometimes some rules have to be broken just to keep afloat... talking from experience bro... sometimes somethings just have to be done to ensure your company don't go under.... please... get me well... I am not saying what they are doing is right...

Labor relations and human resources management requires you to strike a balance between the employer's and employees interest.

Your justification is in the interest of the employer but not that of the employees hence, it is not balanced.

That kind of management or employer you wanna be is unfair, selfish and unfriendly to labor. With time, you will engage more daring policies against staff and they will eventually have to confront you through unions, unproductiveness, resignations and/or strikes.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 6:23pm On May 11
Wallade:


LMAO. I don't know if I should assume that you are teasing or trying to despise me but whatever the case may be, I take no offence.

Let me inform you that I am an accountant and well experienced at business finance. I don't wanna dwell on my credentials especially because I am not up for an interview or assessment for a job but you over-emphasizing your credentials, which are still to be proven, sounds immature and arrogant to me.

Learn to stop justifying what is wrong with an excuse, irrespective of how tenable it sounds to you. Managers like you accumulate debt and liabilities for the organization till the org. is buried in debt and becomes bankrupt, all in the name of speculations and hopes. Business decisions are expected to be realistic and objective. Stop putting staff to work without a concrete plan to fully remunerate them. If you mismanaged your cash flow and run into liquidity problems, you can take the objective decision to downsize or shut down temporarily rather than enslave the staff with partial payment of their benefits.

If you are tempted to keep the staff on partial payment, communicate the decision, to them, that you intend to the defer the balance of their remuneration till later date and pay with interest.

Those are fair negotiations not the strategy you are strongly promoting. Your strategy can easily be used against staff and definitely not in the best interest of the staff.


Oga accountant...

you started with the do you know... 8% ... 10%... ish .... do you know they fall ill of the law... bla bla bla ish... something a 10 year old knows... lol.. I'm not a manager... neither being arrogant... as I said... I was only playing Devil's advocate as to why they may not have paid.. as an accountant it should be easier to have this discuss with you... especially if you are in the audit line.... hence you should have seen lots of management having to delay payment of pension and sometimes paye as part of working capital management....

Like I said... It is totally wrong.... but they have their reasons and some of those reasons MIGHT have a basis... remember... I'm just playing Devil's advocate.

You advised they discuss with their staff and probably slash their salaries? ... hmmm... think like management at times bruv ... like I said... would you rather lose your top talents?? those you've spent money training? just becuz you have to slash their salaries?? read the tax laws... and please tell me the fine for late payment of pension... then tell me which of the evil as a manager you're willing to take.

PS... I aint arrogant bro... It's actually an intelligent discuss... forgive me If I sounded so.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by timsucess: 6:24pm On May 11
teacherbim:
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Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 6:29pm On May 11
Wallade:


Labor relations and human resources management requires you to strike a balance between the employer's and employees interest.

Your justification is in the interest of the employer but not that of the employees hence, it is not balanced.

That kind of management or employer you wanna be is unfair, selfish and unfriendly to labor. With time, you will engage more daring policies against staff and they will eventually have to confront you through unions, unproductiveness, resignations and/or strikes.

Fair point... fair point... what if I wanna strike a balance with a competitor firm... so I'll try and pay close to what my competitors are paying...

Well... as you said... till when there are more daring policies... as for now.. the policies are not so daring and not effectively carried out... so lots of companies can go unpunished...

Please if I may ask... are you into management accounting...financial accounting... tax... audit??
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Wallade(m): 6:33pm On May 11
H2Ossss:


Oga accountant...

you started with the do you know... 8% ... 10%... ish .... do you know they fall ill of the law... bla bla bla ish... something a 10 year old knows... lol.. I'm not a manager... neither being arrogant... as I said... I was only playing Devil's advocate as to why they may not have paid.. as an accountant it should be easier to have this discuss with you... especially if you are in the audit line.... hence you should have seen lots of management having to delay payment of pension and sometimes paye as part of working capital management....

Like I said... It is totally wrong.... but they have their reasons and some of those reasons MIGHT have a basis... remember... I'm just playing Devil's advocate.

You advised they discuss with their staff and probably slash their salaries? ... hmmm... think like management at times bruv ... like I said... would you rather lose your top talents?? those you've spent money training? just becuz you have to slash their salaries?? read the tax laws... and please tell me the fine for late payment of pension... then tell me which of the evil as a manager you're willing to take.

PS... I aint arrogant bro... It's actually an intelligent discuss... forgive me If I sounded so.

You will lose them anyway because they will get better offer and move. Staff are primarily benefit, welfare and remuneration driven, once that becomes an issue, productivity is hindered and eventually you will witness exodus.

The best way to go is to honor the contract terms you signed with them as they deliver on their offer of service. If you can't keep up, downsize or shut down temporarily till you fix your liquidity challenges.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by H2Ossss(m): 6:42pm On May 11
Wallade:


You will lose them anyway because they will get better offer and move. Staff are primarily benefit, welfare and remuneration driven, once that becomes an issue, productivity is hindered and eventually you will witness exodus.

The best way to go is to honor the contract terms you signed with them as they deliver on their offer of service. If you can't keep up, downsize or shut down temporarily till you fix your liquidity challenges.


Hmmmmm.... easier said than done bruv... but hey... I would have given you real life scenerios of what happened in real life companies I've seen (The nature of my Job allows me work in several top end companies in a year and speak with their CEO's... CFO's and FM's.) but would not want to in public forum like this.

You easily said shut down temporarily.... and I laughed so hard... really?? shut down??

Let's agree to disagree though.

all the best....
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by middlebelter(m): 9:44pm On May 11
prince3009:


That's where the problem lies! What if those "two or three other people" decide to play "Judas" on him?

If PENCOM is properly briefed, I can assure you that the employer will face the consequences of violating the Pension Reform Act 2004 as amended in 2014.
Don't be afraid to fight alone, you are defending your legitimately earned income and the Law of the Federal Republic.
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by teacherbim(f): 10:46pm On May 11
timsucess:

How much is the oil and seeds
Fanugreek oil is 1500 per bottle and the seed is 800 per cup
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by timsucess: 12:33pm On May 12
teacherbim:

Fanugreek oil is 1500 per bottle and the seed is 800 per cup
Give me your contact
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Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by Nobody: 12:37pm On May 12
You need to fight for your right o.... But be wise about it sha so you don't brew issues with your company. If you ask me, depending on a Nigerian employers and Nigerian jobs nowadays is not advisable. Nothing like having a side hustle. If you had a side hustle, you won't be scared about approaching them to demand your right because you'll know that the last thing they'll do is sack you and you won't be scared of that. I'll advise the op and every other person that will read this post to build a side hustle and if possible, more than one side hustle sef. Gain some freedom. Check my signature for some side hustle opportunities or contact me for a chat
Re: My Company Deduct Pension Money From Our Salaries Without Paying To Our PFAs by timsucess: 12:12pm On May 14
timsucess:

How much is the oil and seeds
Am in abakaliki
How can I get it

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