Osun Presents Bond Certificate Worth N1.1bn To Retirees

The Osun State Government on Tuesday presented retirement bond certificates worth N1.1 billion to the fourth batch of retirees under the state contributory pension scheme.

The state Governor, Rauf Aregbesola, made the presentation through the state Head of Service, Sunday Owoeye, at a seminar organised for workers.
The seminar was organised for them by Pension Fund Administrators to give them a better understanding of what pension schemes were all about.

Aregbesola said that 159 pensioners from the scheme would benefit from the bond, with 100 of the beneficiaries coming from Local Government while the remaining 59 retired primary school teachers.

The governor explained that in a bid to improve the standard of living of pensioners, government had approved the establishment of a data base.

He said the data base would bring about improvement in prompt remittance of monthly contributions and efficient transfer of accrued benefits to Retirement Savings Account of workers.

Earlier, the Permanent Secretary, Local Government Staff Pension Bureau, Kayode Afolabi, said the contributory pension scheme came to address the challenges faced by pensioners in accessing their retirement benefits.

Afolabi explained that the scheme was aimed at assisting civil servants to save towards retirement as well as to ensure that persons, who left or retired from public service, received their benefits promptly.

He thanked the state government for its commitment and steadfastness towards the implementation of the programme.