Group Life Insurance (GLI) Notice to Employers & Employees 2021, a Publication by PenCom
The National Pension Commission (PenCom) has published a notice to all employers and employees in Nigeria on compliance with the provisions of Pension Reform Act 2014 on Group Life Insurance Policy (GLIP) for employees and display of Insurance Certificate for 2021.
PenCom noted that employers that have not displayed a copy of the GLIP certificate within their premises are advised to do so on or before 31 July, 2021. PenCom further stated that failure to provide GLIP is a violation of Section 4(5) of the Pension Reform Act (PRA) 2014.
Below is the publication from PenCom,
NOTICE TO ALL EMPLOYERS/EMPLOYEES
RE: COMPLIANCE WITH PRA 2014 ON GROUP LIFE INSURANCE POLICY FOR EMPLOYEES AND DISPLAY OF INSURANCE CERTIFICATE FOR 2021
In accordance with the provisions of Section 4(5) of the Pension Reform Act (PRA) 2014, every employer shall maintain a Group Life Insurance Policy (GLIP) in favour of all employees. The GLIP should be a minimum of three times the annual total emolument of the employees.
Similarly, Section 5.5 of the Revised Guidelines on GLIP for Employees provide that the employer shall display a copy of the GLIP certificate in a conspicuous place within its premises, for the information of the employees and as evidence of having taken such policy.
Employers that have not displayed a copy of the GLIP certificate within their premises are advised to do so on or before 31 July, 2021. Failure to provide GLIP is a violation of Section 4(5) of the Pension Reform Act (PRA) 2014.
The Revised Guidelines on GLIP for Employees can easily be accessed and downloaded from the Commission’s website: https://www.pencom.gov.ng
For further enquiries, please contact:
The Director-General
National Pension Commission
Plot 174, Adetokunbo Ademola Crescent, Wuse II
PMB 5170 Wuse
Abuja, Nigeria
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