The Insurance and Pensions Commission (IPEC) yesterday published a list of top 50 pension contribution defaulters, which included Chitungwiza municipality.
Top three defaulters are National Railways of Zimbabwe (NRZ), Harare City Council and Zimbabwe Electricity and Transmission Distribution Company (ZETDC).
A statement published by IPEC, revealed continued failure by some sponsoring employers to remit pension contributions to their respective pension funds, to the detriment of pension scheme members, who end up receiving reduced or no benefits, when they become due.
“Employers that deduct pension contributions, are required in terms of section 2(a) of Statutory Instrument 61 of 2014, to pay contributions into the pension fund within fourteen (14) days from the end of the calendar month to which they refer.
“IPEC has been receiving complaints from pension scheme members who have received reduced or no benefits owing to failure by their sponsoring employers to remit pension contributions after deducting the same”.
Arrears of pension contribution stood at nearly ZW$5, 3 billion as at 31 March 2022.
“IPEC hereby, publishes the list of the top 50 entities dominating the pension contribution arrears chart, in terms of value, as of 31 March 2022.
“IPEC calls upon trustees of the affected pension funds to put measures in place to ensure the said employers remit outstanding contributions, for the benefit of their pension scheme members.
“In addition, labour organisations are urged to engage the employers who are not remitting pension contributions for the purposes of protecting members against old age poverty.”
Other big institutions on the list include Innscor Africa, Edgars Stores, OK Zimbabwe, Harare City Council, Civil Aviation Authority of Zimbabwe and FBC Holdings.
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