Makinde approves contributory pension scheme for Oyo workers

Oyo State Governor Seyi Makinde has given the green light for the immediate implementation of a Contributory Pension Scheme for state workers, marking a significant shift in retirement benefits for public servants. The announcement was made via a statement released by the Commissioner for Information, Dotun Oyelade.

“

The scheme will apply to officers employed into the service of Oyo State with effect from January 1, 2025, while the Contributory Pension Scheme will officially commence on July 1, 2026.

According to the Chairman of the Oyo State Pensions Board, Tunji Adekunle, the scheme will officially begin on July 1, 2026. However, it will apply to all officers employed into the state service from January 1, 2025. The contribution structure is set at 12% from the employer, the Oyo State government, and 8% from the employee, aligning with the state's approved contributory framework. Adekunle assured that accrued benefits for affected employees would be paid promptly upon the scheme's commencement.

“

The state government would ensure the immediate payment of accrued benefits to all affected employees upon the commencement of the scheme.

To facilitate the process, all Ministries, Departments, and Agencies (MDAs) are required to submit comprehensive lists of employees hired since January 1, 2025, in both hard and soft copies. These submissions are due by Monday, June 22, 2026. Furthermore, each MDA must designate a Pension Desk Officer to act as a liaison with the Pensions Board, ensuring effective coordination, capacity building, accountability, and smooth processing of all pension-related matters. This initiative aims to bolster financial security for Oyo State's public workforce.

“

This measure is aimed at facilitating effective coordination, capacity building, accountability and the seamless processing of all matters relating to the Contributory Pension Scheme (CPS).