Oyo State Governor, Seyi Makinde. Photo: Oyo State Govt
The Oyo State Government has defended its decision to commence the Contributory Pension Scheme with workers recruited in 2025, saying the move is aimed at guaranteeing a sustainable and predictable retirement system for civil servants.
The state Commissioner for Information, Dotun Oyelade, addressed concerns raised by workers over the implementation of the scheme in a statement released on Friday, made available to newsmen in Ibadan.
According to the commissioner, the decision followed recommendations from the National Pension Commission, which advised that newly recruited workers should be enrolled first to enable them to contribute over a longer period and build substantial retirement savings before retirement, which will span about three decades in many instances
“The Contributory Pension Scheme was introduced as a more sustainable alternative to the old Defined Benefit Scheme, which many states have found difficult to maintain,” Oyelade said.
