Ogun retirees to earn up to 280% — Abiodun

Gov Dapo Abiodun

THE Ogun State government,has announced that retirees in its civil and public service will earn significantly higher benefits under the Contributory Pension Scheme, CPS, following the introduction of the Additional Pension Benefit, APB, initiative, which offers between 116 per cent and 280 per cent of total annual emoluments..

Governor Dapo Abiodun disclosed this during the official presentation of cheques to retirees at the Oba’s Complex.

Represented by the Secretary to the State Government, Tokunbo Talabi, the governor said between 70 and 80 per cent of retiring workers would receive higher benefits under the new arrangement than what was previously obtainable as gratuity.

He said: “What this means is that, unlike in the past when gratuity payments were delayed, retirees will now receive improved and timely benefits. Our minimum is 116 per cent, going up to 280 per cent, which is significantly higher than the 100 per cent benchmark.

“Previously, about 25 per cent of total pension savings would be taken as a lump sum. Now, that deduction is no longer necessary, as the APB serves as the lump sum, leaving the full contributions to generate stronger monthly pension payments.”

In his remarks, the Head of Service, Kehinde Onasanya, described the initiative as a “game changer” that bridges the gap between the old Defined Benefit Scheme and the CPS, ensuring retirees receive immediate financial support upon exit from service.

Culled from Vanguard

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