Ekiti Begins Contributory Pension Scheme with 4,938 Workers

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Victor Ogunje in Ado Ekiti

The Ekiti State Government has kicked off its Contributory Pension Scheme (CPS) with 4,938 workers.

The state Head of Service (HoS), Dr. Olugbenga Faseluka, who made this known in Ado Ekiti on Monday, said that the government started the scheme with the workers that were employed in the state public service from 2010 till date.

Faseluka explained that the affected workers would contribute eight per cent of individual basic salaries from January 2012 while the state government, as the employer, would pay commensurate 10 per cent of the basic salaries of respective workers into the scheme in accordance with the state contributory pension act.

The HoS noted that the development was sequel to the recent passage of the bill on the Pension Scheme by the state House of Assembly and its subsequent signing into law by Governor Ayodele Fayose.

He said that the government also established the Pension Transitional Arrangement Directorate (PTAD) headed by an executive secretary to oversee and further ensure proper implementation of the scheme.

Details later…