New pension scheme better for civil servants – Akinkuotu

Ondo State Head of Service (HoS) Mr. Toyin Akinkuotu, has rated the newly introduced Contributory Pension Scheme above the the old one.

He explained that civil servants needed to embrace the new scheme, saying it they have more reward to benefit from it.

Among the benefits she highlighted was the opportunity of having better retirement savings package.

The HoS while addressing journalists said, “The objective of the scheme is to ensure that every worker in the State receives retirement benefits as at when due, empower workers and assist them to save in order to cater for their livelihood during retirement.

“Most public sector schemes are unsustainable due to weak and inefficient administration of the scheme, like old pension scheme referred to as Defined Benefits Scheme unsustainable, hence the need to embrace the new one which is to correct the anomalies inherent in the old one.”

He added that a lot of progresses have been made through creation of Ondo State Pension Commission with the appointment of Director General and Pension Fund Administration to register workers for the scheme.

While commendedung the Governor of the State, Arakunrin Oluwarotimi Akeredolu, SAN, for prioritising the welfare of workers in the state, she added, “In year 2014, the State approved its own law on Pension Reform and since that time, the implementation has started schematically with all workers recruited from that period.

“The Governor, after the payment of February and March salaries, also paid August arrear, and has set up a committee to look into how the remaining arrears could be paid, a development that confirms his commitment to ensure that workers live comfortably.”

In On his part, the Director General of the State Pension Commission, Mr. Jaiyeola Olowosuko, said it was very pertinent to have an interactive session with all salary officers from all the Ministries, Departments, and Agencies, MDAs to ensure a hitch free process of deductions and prompt remittance into Retirement Saving Accounts (RSAs), in line with the stipulated law and to clear the grey areas with workers recruited from 2014.