Ogun to address shortcomings of contributory pension scheme

Ogun state governor, Ibikunle Amosun

The administration had disbursed N10.13bn to settle part of the pensions and gratuities.

Following pleas from civil servants and after careful consideration of issues related to the contributory pension scheme, the Ogun State Executive Council has sent a bill to the state lawmakers seeking an amendment of the existing law on the scheme.

The State Head of Service, Modupe Adekunle, who made this known at the ministerial press briefing, said the amendment was meant to address unforeseen circumstances and challenges facing the scheme,

She said if the draft amendment bill scales through, it would create a transitional pension scheme to cater for those who have been retiring since 2010 and those billed to retire between now and June 30, 2025 to ensure that they do not suffer any loss.

She added that the amendment would also provide measures of refunding contributions of both employees and employers under the transition pension scheme, pointing out that with this, the implementation date of the contributory pension scheme for the entire workforce would be July 1, 2025.

The Head of Service also revealed that in the last two years, the administration had disbursed the sum of N10.13 billion to settle part of the pensions and gratuities liability inherited from the past administration, assuring that government would leave no stone unturned to ensure quality life for her senior citizens.

Mrs. Adekunle also explained that in the last two years, government had been paying regularly the pensions of 1,127 retirees that had enrolled into pensions payroll, noting that as part of measures to make financial transactions easier for the workers, her office was already collaborating with the Ministry of Finance to explore ways of attracting banks to open cash centers within the secretariat complex.

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