Makinde approves commencement of contributory pension scheme in Oyo

Seyi Makinde of Oyo State has approved the immediate commencement of the Contributory Pension Scheme (CPS) in the state.

The Chairman of the Oyo State Pensions Board, Mr Tunji Adekunle, disclosed this on Wednesday through the Permanent Secretary of the Post-Service Board, Rev. Victor Adesola, in a circular with reference No. OYPB/G/24/VOL.IV/11.

The circular was issued to inform all stakeholders, Ministries, Departments and Agencies (MDAs), as well as civil and public servants across the state of the take off of the scheme.

According to the chairman, the scheme will apply to officers employed into the service of Oyo State with effect from Jan. 1, 2025, while the Contributory Pension Scheme will officially commence on July 1, 2026.

He explained that the pension contribution rate will be 12 per cent from the employer,(Oyo State government), and eight per cent from the employee, in line with the approved contributory structure in the state.

He added that the state government will ensure the immediate payment of accrued benefits to all affected employees upon the commencement of the scheme.
Adekunle therefore directed all MDAs to forward a comprehensive list of employees recruited into the Oyo State civil and public service from Jan. 1, 2025.

He further stated that each ministry, department and agency was required to designate a pension desk officer to serve as a liaison between the respective MDA and the board..

“This measure is aimed at facilitating effective coordination, capacity building, accountability and the seamless processing of all matters relating to the Contributory Pension Scheme.

“The details of the nominated desk officer should include full name, designation/post, grade level, WhatsApp number, email address and phone number,” he said.

The circular also directed that all requested information and relevant documents be submitted to the board on or before June 22.