Ogun retirees to earn up to 280% benefits under new pension scheme — Dapo Abiodun

The Ogun State Government has announced that retirees successful its civilian and nationalist work volition gain importantly higher benefits nether the Contributory Pension Scheme (CPS), pursuing the instauration of the Additional Pension Benefit (APB) initiative, which offers betwixt 116 per cent and 280 per cent of Total Annual Emoluments (TAE).

Governor Dapo Abiodun disclosed this connected Tuesday during the authoritative presumption of cheques to retirees astatine the Oba’s Complex.

Represented by the Secretary to the State Government, Tokunbo Talabi, the politician said betwixt 70 and 80 per cent of retiring workers would person higher benefits nether the caller statement than what was antecedently obtainable arsenic gratuity.

He explained that portion the Federal Government provides gratuity equivalent to 100 per cent of a retiree’s last yearly salary, Ogun State has exceeded this benchmark by approving a minimum of 116 per cent, rising to arsenic precocious arsenic 280 per cent, depending connected years of service.

“What this means is that, dissimilar successful the past erstwhile gratuity payments were delayed, retirees volition present person improved and timely benefits. Our minimum is 116 per cent, going up to 280 per cent, which is importantly higher than the 100 per cent benchmark,” helium said.

Governor Abiodun noted that his medication inherited important pension and gr...