By JKNewsMedia
THE OGUN State Government has reaffirmed its commitment to the welfare of workers and retirees following significant progress in the ongoing implementation of the Contributory Pension Scheme (CPS) reforms.
This was confirmed by the State and Local Government Pension Fund Management Committees after their joint session held on Friday, November 6.
The committees, in a statement issued after the meeting, highlighted the state government’s strides in ensuring that pension processes remain transparent, efficient, and sustainable.
They stated that the administration of Governor Dapo Abiodun has continued to demonstrate steadfast dedication to protecting the welfare and future of its workforce through deliberate pension reforms and consistent remittances.
According to the committees, the meeting reviewed progress in the enrolment and verification exercise for state and local government employees, the regular remittance of monthly pension deductions, and the recent approval of palliative support payments to retirees across Ogun State.
The committees disclosed that more than 24,000 workers have so far received their accrued pension rights under the reformed scheme.
They further confirmed that death benefits have been fully processed and paid to 352 families of deceased employees.
This, they noted, was part of ongoing measures to ensure that the families of late workers are not left without adequate support.
In their assessment, the committees also reviewed existing pension laws and frameworks governing the state’s pension administration.
They explained that these laws have been updated to enhance accountability, transparency, and sustainability in managing pension funds.
According to them, the review process aligns with the government’s long-term objective of creating a reliable and self-sustaining pension system that meets the needs of both current and retired workers.
The statement added that the committees are committed to maintaining a transparent and proactive approach in managing pension contributions and disbursements.
They assured pensioners and serving employees that all obligations under the CPS will continue to be met promptly and in line with international best practices.
Representatives from the National Pension Commission (PenCom) attended the session to provide technical guidance and ensure the ongoing reforms align with national regulatory standards. The committees noted that this collaboration with PenCom underscores
Ogun State’s determination to uphold a compliant and efficient pension structure that meets national and international benchmarks.
During the review, the committees discussed plans to address challenges identified in the course of implementing the CPS.
They resolved to sustain ongoing reforms, strengthen institutional processes, and introduce technology-driven solutions to improve efficiency in pension administration.
The next phase of their work, they said, will prioritise strategies to ensure long-term pension security for all categories of employees under the state’s payroll.
The committees also restated their readiness to work closely with all stakeholders, including relevant ministries, labour unions, and pension administrators, to enhance communication and ensure that all beneficiaries are adequately informed about developments in the scheme.
They emphasised that pension management in Ogun State remains guided by the principles of transparency, accountability, and efficiency.
The committees assured that under Governor Abiodun’s leadership, the welfare of workers and retirees will continue to receive top priority as part of the government’s broader agenda to promote inclusive development and economic stability.
Stakeholders present at the meeting noted that the progress recorded so far reflects the state government’s determination to entrench a culture of fiscal responsibility and institutional integrity in the management of pension funds.
They observed that Governor Abiodun’s administration has consistently demonstrated responsiveness to the needs of its workforce and retirees through timely interventions and proactive financial planning.
The committees further reiterated that the CPS reforms are designed to safeguard the future of employees by ensuring that contributions are well managed and benefits are promptly disbursed upon retirement.
They encouraged contributors to remain confident in the system, noting that all necessary measures have been put in place to guarantee the security and growth of pension assets.
According to the statement, the government’s renewed focus on pension reform is part of a broader policy direction aimed at strengthening public financial management and enhancing the social protection framework in Ogun State.
By implementing global best practices in pension administration, the committees stated, the state is creating a sustainable model that ensures retirees continue to live with dignity after years of service.
They reaffirmed that the government will continue to engage regularly with relevant regulatory agencies, pension fund administrators, and labour representatives to ensure that reforms are effectively implemented and that the welfare of all workers and retirees remains a central focus of public policy.
The committees concluded by appreciating the support and cooperation of stakeholders who have contributed to the progress achieved so far.
They pledged to sustain open dialogue and regular updates on developments within the CPS framework as part of the state’s ongoing commitment to transparency and good governance.
