Ogun State Disburses Additional Pension Benefits to Retirees

The Ogun State Government has initiated the disbursement of additional pension benefits for retirees under the local government and state universal basic education board contributory pension scheme. This initiative, announced by Governor Dapo Abiodun, aims to improve the welfare of pensioners.

During a cheque presentation in Abeokuta, Permanent Secretary of the Bureau of Local Government Pension, Olufisan Osiyal, explained that the additional pension benefit scheme is designed to enhance the living standards of retirees and reward them for their years of service. The scheme addresses disparities in pension payments and is set to run for a period of ten years, with beneficiaries expected to receive between 116% and 280% of their annual total emoluments, depending on their years of service.

The initiative has been described as a pioneering intervention in the contributory pension scheme in the country, helping to stabilize monthly pension payments and reduce financial stress among retirees. The Local Government Pension Association of Nigeria has commended the move, urging the government to ensure regular remittance of pension funds for long-term viability.