Enimere \u00c0k\u00e0nb\u00ed
\nThe Oyo State Government has fixed July 1, 2026, for the commencement of the Contributory Pension Scheme (CPS) for officers employed into the state\u2019s civil and public service from January 1, 2025.<\/p>\n
The Chairman, Oyo State Post Service Board, Hon. Tunji Rafiu Adekunle (JP), disclosed this during a stakeholders\u2019 engagement with Pension Fund Administrators (PFAs) held in Ibadan, noting that all necessary arrangements have been concluded for a seamless rollout.<\/p>\n
Hon. Adekunle described the development as a major step towards securing the future of workers, noting that the scheme will ensure a more reliable and sustainable pension system for public servants in the state.<\/p>\n
According to him, “the Oyo State Government will contribute 12 per cent, while employees will contribute 8 per cent of their monthly earnings, indicating the government\u2019s commitment to workers\u2019 welfare while also exceeding the 10% employer contribution adopted at the federal level.<\/p>\n
He assured workers that the CPS is designed to strengthen, and not diminish, their welfare, stressing that the scheme will provide individual Retirement Savings Accounts (RSAs), ensure transparency, and guarantee portability of benefits across employment.<\/p>\n
\u201cThis reform is about the future of our workforce. It ensures that every worker can retire with dignity and financial security\u201d he said.<\/p>\n
The Chairman further acknowledged concerns raised by some newly recruited officers and explained that implementation timelines based on employment dates are standard in public sector reforms and are not intended to disadvantage any group.<\/p>\n
In his remarks, the Permanent Secretary, Post Service Board, Rev. Victor Adesola, noted that the new scheme will address longstanding challenges associated with the Defined Benefits Scheme, including delays in the payment of entitlements.<\/p>\n
According to him, \u201cthe Contributory Pension Scheme introduces a more reliable, transparent and sustainable system that gives workers confidence in their retirement planning\u201d<\/p>\n
Also speaking, the Permanent Secretary, Ministry of Establishments and Training, Alhaji H.A. Bello, said the reform followed extensive consultations among key stakeholders, including relevant ministries, pension administrators and regulatory bodies.<\/p>\n
He added that the scheme would run alongside the existing Defined Benefits Scheme, while gradually building a more sustainable pension structure for the state.<\/p>\n
The meeting brought together officials from Ministries, Departments and Agencies, labour representatives, including representatives of Pension Fund Administrators to finalise operational strategies ahead of the scheme\u2019s take-off.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Enimere \u00c0k\u00e0nb\u00ed The Oyo State Government has fixed July 1, 2026, for the commencement of the Contributory Pension Scheme (CPS) for officers employed into the state\u2019s civil and public service from January 1, 2025. The Chairman, Oyo State Post Service Board, Hon. Tunji Rafiu Adekunle (JP), disclosed this during a stakeholders\u2019 engagement with Pension Fund […]<\/p>\n","protected":false},"author":1,"featured_media":2660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[6,3],"tags":[10,1214],"class_list":["post-2659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-news","category-oyo-news","tag-oyo-state-government","tag-cps"],"yoast_head":"\n