The Oyo state governor, Seyi Makinde, on Wednesday, June 17, approved the immediate implementation of the Contributory Pension Scheme (CPS) in the state.
The chairman of the Oyo State Pensions Board, Tunji Adekunle, disclosed this through the permanent secretary of the post-service board, Victor Adesola, in a circular with reference No. OYPB/G/24/VOL.IV/11.
The circular was issued to inform all stakeholders, Ministries, Departments, and Agencies (MDAs), as well as civil and public servants across the state, of the scheme’s take-off.
According to the chairman, the scheme will apply to officers employed in the service of Oyo state with effect from January 1, 2025, while the CPS will officially commence on July 1, 2026.
He explained that the pension contribution rate will be 12 per cent from the employer (Oyo state government), and eight per cent from the employee, in line with the approved contributory structure in the state.
He added that the state government will ensure the immediate payment of accrued benefits to all affected employees upon the scheme’s commencement.
Adekunle, therefore, directed all MDAs to forward a comprehensive list of employees recruited into the Oyo state civil and public service from 1 January 2025.
He further stated that each ministry, department, and agency was required to designate a pension desk officer to serve as a liaison between the respective MDA and the board.
“This measure is aimed at facilitating effective coordination, capacity building, accountability, and the seamless processing of all matters relating to the Contributory Pension Scheme.
“The details of the nominated desk officer should include full name, designation/post, grade level, WhatsApp number, email address, and phone number,” he said.
The circular also directed that all requested information and relevant documents be submitted to the board on or before June 22.
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