Oyo state set to implement new pension scheme for workers
The Chairman of the Oyo State Pensions Board, Tunji Adekunle, has announced that Governor Seyi Makinde has approved the immediate commencement of the Contributory Pension Scheme in Oyo State. The scheme will affect civil and public servants across the state, with clear guidelines for implementation. The new pension structure outlines contributions from both the government and employees. Ministries, Departments, and Agencies have been directed to comply with the new requirements.
What we know
- Seyi Makinde has approved the immediate commencement of the Contributory Pension Scheme in Oyo State.
- The scheme will apply to officers employed into the service of Oyo State with effect from January 1, 2025, and will officially commence on July 1, 2026.
- The pension contribution rate will be 12% from the employer and 8% from the employee.
- All MDAs are to submit a comprehensive list of employees recruited from January 1, 2025, using the provided proforma.
- All requested information and documents must be submitted to the Board on or before Monday, June 22, 2026.
