Ogun State Retirees to Benefit from New Pension Scheme

On Tuesday, Governor Dapo Abiodun of Ogun State announced a new pension scheme that will significantly increase benefits for retirees in the civil and public service sectors. The new scheme, which introduces additional pension benefits (APB), will see retirees earning between 116% and 280% of their total annual emoluments.

This announcement was made during an official cheque presentation at the Oba's complex, with Secretary to the State Government, Tokunbo Talabi, in attendance. The new arrangement ensures that retirees will receive their gratuities promptly, addressing past delays.

The federal government will provide gratuities equivalent to 100% of a retiree's final annual salary, with the Ogun State Government exceeding the approved minimum of 116%. The initiative aims to restore confidence in the pension system, which has faced challenges, including a backlog of N42 billion in unpaid pension liabilities inherited in 2019.

Labor leaders have commended the scheme as a model for other states.