Chairman of the Oyo State Pensions Board, Tunji Adekunle, has announced that the state governor, Seyi Makinde, approved immediate commencement of the Contributory Pension Scheme in the state.
This was conveyed in a statement on Thursday, released by the Commissioner for Information, Dotun Oyelade, made available to newsmen in Ibadan, the Oyo State capital.
According to Oyelade, Adekunle made this known on Wednesday, through the Permanent Secretary, Post Service Board, Rev. Adekunle Victor Adesola, in a circular with Reference No. OYPB/G/24/VOL.IV/11, issued to inform all stakeholders, Ministries, Departments and Agencies as well as civil/public servants across the state.
“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,” the Chairman said.
He explained that the pension contribution rate would be 12 per cent from the employer (Oyo state government) and eight per cent from the employee, in line with the approved contributory structure in the state.
Adekunle added that the state government would ensure the immediate payment of accrued benefits to all affected employees upon the commencement of the scheme.
