U.S WARNS CITIZENS IN NIGERIA OF POSSIBLE 'TERRORIST THREAT'. (PHOTO).
The Ogun State Government has approved an Additional Pension Benefit (APB) for retirees under the Contributory Pension Scheme, reaffirming its commitment to the welfare, dignity and retirement security of public servants. The decision followed strategic engagements involving labour unions, Pension Fund Administrators and pension managers, and was chaired by the Commissioner for Finance and Chief Economic Adviser, Hon. Dapo Okubadejo.
Approved by Governor Dapo Abiodun, the APB is designed to bridge identified gaps in the CPS and serve as a one-off retirement benefit, similar in spirit to gratuity under the old Defined Benefit Scheme. The initiative will run for ten years as a compensatory measure for retirees affected by delayed remittance of pension contributions by previous administrations and is scheduled to take effect from July 2025, subject to regulatory approvals.
Labour unions, including the Nigeria Labour Congress and the Trade Union Congress of Nigeria, described the reform as bold, innovative and worker-friendly, noting that it directly addresses long-standing concerns over pension adequacy. They pledged full support for the initiative, which they said reflects the administration’s strong commitment to workers’ welfare, confidence in public service and long-term financial security in Ogun State.
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