By Adebayo Yusuf
Oyo State government has reiterated its commitment towards ensuring a seamless and transparent transition from Defined Benefit Scheme, DBS to Contributory Pension Scheme, CPS starting from Wednesday.
Chairman, Technical Committee on DBS and CPS, Alhaji Gafar Bello made this known at a sensitisation programme, organised by the Oyo State Staff Pension Board, held at Local Government training school, Secretariat, Ibadan.
According to Alhaji Bello, the sensitisation was aimed at better understanding of the benefits of CPS, noting that DBS will continue to operate alongside the new scheme.
Alhaji Bello, who is also Executive Assistant on Finance, Budget and Economic Planning to Governor Seyi makinde, said CPS would ensure financial security, stability and dignity in retirement and called on the enrollees not to panic.
He added that the scheme would be handled by four accredited Pension Fund Administrators, PFAs.
Earlier, Chairman, Oyo State Local Government Staff Pension Board, Honourable Akeem Ige said the state has learned from the experience of other states on CPS in ensuring smooth running of the scheme.
President, Nigeria Union of Local Government Employees, NULGE, Oyo state Chapter, Comrade Ayobami Adeogun and Chairman, Nigeria Union of Teachers, Oyo state wings, Comrade Hassan Fatai, who appreciated the Governor Makinde’s efforts toward workers welfare, however, expressed displeasure over not been fully engaged in the adoption of CPS before approval.
Dignitaries present were Permanent Secretary, Mr Akinwale Olufemi, Special Adviser on Establishment and Training to Governor Makinde, Alhaji Siju Lawal and other labour leaders.
Oyo state government had announced that CPS will commence with workers employed into civil and public service from 1st of January, 2025, serving as pioneer enrolless under the scheme.
