The National Pension Commission (PenCom) has set July 31, 2021 as the deadline for employers to display copies of procured Group Life Insurance Policy (GLIP) for their workers.
The Commission said in a notice to all employers yesterday that those who fail to comply with the directive would be prosecuted as it is a violation of the section 4(5) of the Pension Reform Act, 2014.
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“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.
PenCom has a joint regulatory policy with the National Insurance Commission (NAICOM) on the insurance policy for workers.
The commission reminded employers that the policy “should be a minimum of three times the annual total monument of the employees.”
The notice mandated employers yet to comply with the law to do so before the end of July or face prosecution.
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