Fayose commences Contributory Pension Scheme for Ekiti workers

In a bid at ensuring a smooth take off of the Contributory Pension Scheme (CPS) for its workforce, the Ekiti state government has set up an inter-ministerial committee to work out modalities for a speedy take off of the scheme in the state.

Ayodele Fayose

The Executive Secretary of the State Pension Commission, Mr. James Akinola made this known at a forum in Ado-Ekiti.

Mr. Akinola said that the committee which was headed by the Permanent Secretary in the state Ministry of Local Government, Chieftaincy

Affairs and Community Development, Mr. Yemi Owoseeni would also among other things, examine the merits and demerits of the scheme as well as advice government on how best to commence the scheme within the shortest possible time.

Akinola added that the committee would also make a general review of the current Defined Benefit Scheme (DBS) of pension payment, identify and proffer solutions to all constraints impeding the commencement of the scheme in the state and advise government on funding for the scheme.

He recalled that following the approval of Governor Ayo Fayose, the Office of the State Head of Service and the State Pension Commission recently organised a 3-Day workshop for selected civil servants and other would-be beneficiaries of the scheme with the aim of addressing all relevant issues relating to the scheme.

Describing the Contributory Pension Scheme as the best available option for workers in the public service, Akinola stressed that the financial meltdown that was affecting most states in the country has led to extremely poor financial standing of states and made it virtually impossible for government to continue funding the almost moribund Defined Benefit Pension Scheme.