Makinde starts contributory pension scheme in Oyo State

Governor Seyi Makinde of Oyo State has given the green light for the Contributory Pension Scheme (CPS) to start right away in the state.

Tunji Adekunle, the Chairman of the Oyo State Pensions Board, shared this news on Wednesday. He did this through a circular issued by the Permanent Secretary of the Post-Service Board, Victor Adesola. The circular has the reference number OYPB/G/24/VOL.IV/11.

The circular was sent to inform all relevant parties, including Ministries, Departments, and Agencies (MDAs), as well as civil and public servants in the state, about the launch of the scheme.

Mr Adekunle stated that the scheme will affect workers employed by the Oyo State government starting from 1 January 2025. The official start of the Contributory Pension Scheme will be on 1 July 2026.

He explained that the pension contributions will be 12 percent from the employer, which is the Oyo State government, and eight percent from the employee. This follows the approved structure for contributions in the state.

He also mentioned that the state government will make sure that all affected employees receive their accrued benefits as soon as the scheme starts.

Mr Adekunle instructed all MDAs to send a detailed list of employees hired into the Oyo State civil and public service from 1 January 2025.

Additionally, he said that each ministry, department, and agency must appoint a pension desk officer. This officer will act as a link between their MDA and the pensions board.

"This step is intended to improve coordination, build capacity, ensure accountability, and make the processing of all issues related to the Contributory Pension Scheme smoother."

The circular also asked that all the needed information and related documents be sent to the board by 22 June.