By Victor Akinkuolie, Ado-Ekiti
Ekiti State Governor, Mr Biodun Oyebanji has reiterated the commitment of his administration to continue to improve the welfare of its workforce as well as the entire people of the State through prompt payment of retirement benefits to its retired workers.
The Governor stated this in Ado Ekiti during the payment of retirement benefits to the third batch of retirees under the Contributory Pension Scheme (CPS).
Governor Oyebanji, who was represented by the Head of Service, Engineer Sunday Komolafe, stated that the event was another evidence of the workability and reliability of the Contributory Pension Scheme as the best post –service retirement benefit payment system that offers employees a reliable financial safety net.
He stressed further that the Contributory Pension addressed the long-standing issue of inadequate funds for payment of retirement benefits to retirees under the Defined Benefits Scheme (DBS).
The Governor added that the Ekiti State Pension Reform provides that the Contributory Pension Scheme covers all employees appointed into the Ekiti public service, including State-owned Tertiary institutions with effect from January 1, 2010, adding that such categories of employment should be participants of the pension scheme .
While calling on the Pension Fund Administrators (PFAs) to diligently perform their duties, the Governor enjoined beneficiaries to judiciously utilise their entitlement.
“By contributing a portion of their monthly income, employees gradually build a pension fund that grows over time, which ensures a stable income upon retirement. Thus, the Ekiti State Pension Reform Law, No.3 of 2022 provides that the rate of contribution to the scheme should be a minimum of 10 percent (10%) of monthly basic salary, rent and transport allowance by the employer and 8percent of same by the employee”, the Governor added