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The National Pension Commission (PenCom) has released the status of states in the Southwest Zone in the Contributory Pension Scheme (CPS) as at September 2020.
The states, Ekiti, Lagos, Ogun, Ondo, Osun and Oyo, are at various levels of implementation, with Oyo at the lowest level.
Although the Oyo enacted the Law on CPS in 2010, it is yet to establish a Pension Bureau and register public employees under the pension scheme.
The pension status of the state has been low since the administration of the late Governor Ajimobi and it remained so even with the Governor Seyi Makinde Administration.
Makinde is also yet to commence the funding of accrued pension rights, although the state Law provides for the registration with select Pension Fund Administrators (PFAs).
Worse still, the governor is yet to provide the Group Life Insurance Policy for its employees, who yet to commence remittance of pension contributions, conduct actuarial valuation and open Retirement Benefits Bond Redemption Fund Account.
Findings by The Nation further showed that Oyo is owing pensioners N65 billion gratuities and pensions.
On the other hand, in the latest report by PenCom on states’pension status, Lagos has continued to blaze the trail as the most pension compliant state in the country.
The state enacted the law on CPS in 2007 during the Babatunde Fashola Administration.
According to PenCom, the state, however, amended some sections of the Principal Law last year.
It has since established the Pension Bureau and registered employees with PFAs.
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