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:
National Pension Commission
Plot 174, Adetokunbo Ademola Crescent, Wuse II
PMB 5170 Wuse