The National Pension Commission (PenCom) refers to the body that is responsible for the security and effective management of pension matters in Nigeria. Employees working at PenCom receive multiple benefits and perks, including health insurance, retirement benefits, and more. So, how much salary does PenCom offer to its employees?
|PenCom (National Pension Commission)
|Monthly Salary Range:
|₦208333.3 – ₦1250000
|Average Monthly Salary:
|PenCom is a system responsible for the approval, licensing, and monitoring of pension fund administrators, custodians, and other organizations involved in pension-related activities.
|Different positions at PenCom have different requirements and educational qualifications. You must at least have a Bachelor’s Degree in fields such as economics, finance, or business administration. If you wish to apply for a senior position, you must at least have 2-10 years of experience.
I am going to walk you through the salary structure of PenCom employees and the additional benefits they receive. Therefore, keep reading to gain insight.
Overview of PenCom Salary
The average salary for entry-level PenCom employees is typically higher compared to other entry-level workers in other sectors of the Nigerian economy. The average monthly income of PenCom employees is approximately ₦ 729,166.6.
PenCom employees, besides their fixed income, also receive plenty of other benefits and bonuses. These perks and benefits include health insurance, pension plan, housing allowance, transportation allowance, training and development opportunities, and paid time off.
The salary structure of PenCom employees significantly depends on different factors, including experience level, educational qualification, position, and location. The following are the entry-level salaries for different positions at PenCom:
|₦2.5 million – ₦3 million
|₦3 million – ₦3.5 million
|₦3.5 million – ₦4 million
|₦4 million – ₦ 5 million
|₦5 million – ₦ 6 million
|₦6 million – ₦ 7 million
|₦7 million – ₦8 million
|₦8 million – ₦9 million
|₦9 million – ₦ 10 million
|₦10 million – ₦12 million
|₦12 million – ₦15 million
|₦15 million – ₦20 million
Responsibilities of PenCom Employee
Employees at different positions at PenCom perform distinctive roles and have multiple responsibilities. Some of the roles are described below:
Supervising Pension Funds
The main of PenCom employees is to monitor and oversee the pension funds and ensure that retirement benefits are paid as and when due. They also ensure that other relevant organizations are functioning within the specified guidelines.
They also generate rules, guidelines, and standards for the management of pension funds. Furthermore, they also ensure that administrators, custodians, and other institutions involved in pension matters strictly follow the guidelines and rules.
What is the salary of PenCom employees?
The average salary of employees at PenCom is significantly higher than that of employees working in other sectors of Nigeria’s economy. The lowest salary of employees who are just starting typically falls between ₦ 2.5 million and ₦3 million per year. On the other hand, experienced employee salary generally ranges between ₦ 15 million and ₦20 million per year.
To sum up, PenCom is the Nigerian body responsible for the supervision of pension institutions to ensure that they are operating on the stipulated guidelines. The highest position at PenCom is Director-General, whose yearly income falls between ₦ 15 million and ₦20 million.
Article Modified on October 28, 2023. The data in this article is written and collected by multiple authors. Learn how we research on About Us.