AMOSUN OKAYS THE IMPLEMENTATION OF CONTRIBUTORY PENSION SCHEME The Ogun State Governor, Senator Ibikunle Amosun has given approval for the immediate implementation of the Contributory Pension Scheme in the State Permanent Secretary, Bureau of Pensions in the State, Mr. Adesina Badmus who made known in a statement today in Abeokuta, said the scheme is to cover all workers who had put in less than 17 1/2 years in service as at 1st January 2008 and others who joined the State civil service afterwards. This category of workers, the statement added would enjoy their retirement benefits under the scheme, regardless of whether they retire voluntarily or statutorily. The statement indicated that others who had put in less than 17 1/2 years in service as at 31st December 2007 and would retire statutorily on or before 1st July 2025 are to benefit from the Transitional Pension Scheme (pay as you go) in conformity with the provision of section 4 (i) of the State Pension Reform (Amendment) law 2013. With this development, Badmus said the 7.5% pension deduction of workers under the Transitional Pension Scheme would stop forthwith in compliance with section 5 of the amended pension reform law.
Posted on: Thu, 07 Nov 2013 16:49:35 +0000