The Bureau of Local Government Pensions has commenced the issuance of Additional Pension Benefits (APB) cheques to over 200 retirees under the Contributory Pension Scheme (CPS) in Ogun State.
Speaking during the official presentation of cheques to the beneficiaries at Oke-Mosan, Abeokuta, the Permanent Secretary in the Bureau, Engr. Olufisan Osiyale said the APB was introduced and approved by the State Governor, Prince Dapo Abiodun not only to improve the welfare of pensioners, but to ensure that their dedication while in service was adequately compensated.
He pointed out that the APB was introduced to mitigate the disparity in pension payments between retirees under the Defined Benefit Scheme (DBS) and the Contributory Pension Scheme (CPS), adding that the APB initiative was a first of its kind in Contributory Pension Scheme (CPS) implementation in Nigeria.
Osiyale explained that APB is a one- off payment made directly to eligible retiree’s account at the point of exiting the service and shall be operational for 10 years, adding that retirees under CPS stand to receive between 116 percent and 280 percent of their Annual Total Emolument (ATE), depending on the number of years spent in service.
The Permanent Secretary said that the initiative was designed to improve and stabilize retirees’ regular monthly pension payments without undergoing any form of constraints which could pose undue concerns for the senior citizens.
Also speaking at the event, Permanent Secretaries of Ministry of Local Government and Chieftaincy Affairs and Local Government Service Commission, Dr. Rotimiolu Akinlesi, as well as Engr. Mrs. Olanike Ogunbona, said the APB was a beautiful initiative, describing the Governor as a friend of workers/pensioners, who was not only courageous, but had also shown dedication to the welfare and wellbeing of pensioners, while advising the APB beneficiaries not to spend their money on frivolities, but should rather engage in low risk businesses.
On his part, the State President, Nigeria Union of Local Government Employees (NULGE), Comrade Adebayo Adefesobi, represented by the Union’s Vice President, Comrade Fatai Akiode, said Governor Abiodun had allayed the fears of the retirees with the disbursement of the APB, urging the Government not to stop the employee/employer pension remittance to the Pension Funds Administrators (PFAs).
Contributing, State Chairman, Local Government Pensioners Association of Nigeria (LOGPAN), Pastor Benedict Ademoye, described the initiative as a welcomed development, saying that it could only be a God fearing and humane leader who would not run from challenges to offset 10 years backlog of gratuities of a previous administration.
Earlier, representative of the Pension Funds Administrators (PFAs), Mr. Ismail Salau, explained that CPS was a secured scheme where retirees receive monthly Pensions throughout their life time, calling on the beneficiaries to spread the good news to other retirees in order to avoid misconception.
Reacting on behalf of APB beneficiaries, Mr. Ajayi Amos and Mrs. Dorcas Agboola, said they were extremely happy to receive their cheques while alive, acknowledging the fact that their labour had not gone in vain, while pledging to spread the good news of APB to others.
5Speaking during the official presentation of cheques to the beneficiaries at Oke-Mosan, Abeokuta, the Permanent Secretary in the Bureau, Engr. Olufisan Osiyale said the APB was introduced and approved by the State Governor, Prince Dapo Abiodun not only to improve the welfare of pensioners, but to ensure that their dedication while in service was adequately compensated.
He pointed out that the APB was introduced to mitigate the disparity in pension payments between retirees under the Defined Benefit Scheme (DBS) and the Contributory Pension Scheme (CPS), adding that the APB initiative was a first of its kind in Contributory Pension Scheme (CPS) implementation in Nigeria.
Osiyale explained that APB is a one- off payment made directly to eligible retiree’s account at the point of exiting the service and shall be operational for 10 years, adding that retirees under CPS stand to receive between 116 percent and 280 percent of their Annual Total Emolument (ATE), depending on the number of years spent in service.
The Permanent Secretary said that the initiative was designed to improve and stabilize retirees’ regular monthly pension payments without undergoing any form of constraints which could pose undue concerns for the senior citizens.
Also speaking at the event, Permanent Secretaries of Ministry of Local Government and Chieftaincy Affairs and Local Government Service Commission, Dr. Rotimiolu Akinlesi, as well as Engr. Mrs. Olanike Ogunbona, said the APB was a beautiful initiative, describing the Governor as a friend of workers/pensioners, who was not only courageous, but had also shown dedication to the welfare and wellbeing of pensioners, while advising the APB beneficiaries not to spend their money on frivolities, but should rather engage in low risk businesses.
On his part, the State President, Nigeria Union of Local Government Employees (NULGE), Comrade Adebayo Adefesobi, represented by the Union’s Vice President, Comrade Fatai Akiode, said Governor Abiodun had allayed the fears of the retirees with the disbursement of the APB, urging the Government not to stop the employee/employer pension remittance to the Pension Funds Administrators (PFAs).
Contributing, State Chairman, Local Government Pensioners Association of Nigeria (LOGPAN), Pastor Benedict Ademoye, described the initiative as a welcomed development, saying that it could only be a God fearing and humane leader who would not run from challenges to offset 10 years backlog of gratuities of a previous administration.
Earlier, representative of the Pension Funds Administrators (PFAs), Mr. Ismail Salau, explained that CPS was a secured scheme where retirees receive monthly Pensions throughout their life time, calling on the beneficiaries to spread the good news to other retirees in order to avoid misconception.
Reacting on behalf of APB beneficiaries, Mr. Ajayi Amos and Mrs. Dorcas Agboola, said they were extremely happy to receive their cheques while alive, acknowledging the fact that their labour had not gone in vain, while pledging to spread the good news of APB to others.
