Ogun State Launches New Pension Scheme for Retirees

The Ogun State Government, led by Governor Dapo Abiodun, has introduced a new pension scheme designed to enhance benefits for retired civil public servants. This initiative will provide retirees with additional pension benefits ranging from 116% to 280% of their total annual emoluments.

Governor Abiodun announced this development during an official presentation at the Oba's complex, highlighting that the federal government currently provides gratuities equivalent to 100% of retirees' final annual salaries. The new scheme aims to address the substantial pension liabilities inherited by the administration, which amounted to N42 billion in unpaid pensions as of 2019.

The initiative is expected to improve the financial support retirees receive upon exiting service, with a commitment to ensuring timely payments. The pension fund administration will now allow retirees to receive a lump sum while preserving their full pension contributions, leading to stronger monthly pension payments.

Labor leaders have commended the program as a significant step towards improving retiree welfare.