Oyo State Launches New Contributory Pension Scheme

Oyo State Governor Seyi Makinde has approved the immediate commencement of a contributory pension scheme for civil public servants in Oyo State, as announced by Tunji Adekunle, Chairman of the Oyo State Pension Board. The scheme will officially begin on July 1, 2026, with a preparatory phase starting January 1, 2025.

The pension contribution rate is set at 12% from the Oyo State government and 8% from employees. Adekunle emphasized the importance of ensuring immediate payment of accrued benefits to employees once the scheme is operational.

He directed all Ministries, Departments, and Agencies (MDAs) to submit a comprehensive list of employees recruited into the Oyo State civil public service by January 1, 2025, in both hard and soft copies to the board. Additionally, a circular was issued to establish pension desk officers in each MDA to facilitate coordination and communication regarding the contributory pension scheme.