Governor Lucky Aiyedatiwa has pledged his administration’s commitment to the full implementation of the Contributory Pension Scheme (CPS) in Ondo State.
The governor made the pledge when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Ms. Omolola Oloworaran in Akure.
The PenCom delegation, according to a statement made available on Thursday, visited the Governor to discuss critical pension reforms aimed at improving the welfare of retirees and ensuring compliance with the CPS.
Speaking, the governor that Ondo State was exploring opportunities to leverage pension funds for infrastructural development in the state.
He extolled the critical role of pension funds in economic development and commended PenCom for its proactive engagement.
The Ondo State Pension Commission (OSPEC) scored 72.44% in state pension compliance during the last Routine Inspection carried out by PenCom.
The Governor expressed his aspiration to improve the State’s pension compliance rating from its current composite score of 72.44% to 95% by the next Inspection as challenged by the PenCom DG.
Also speaking, the PenCom DG proposed key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors and an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.
Ms. Oloworaran also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State. This measure aims to enhance compliance and accountability in pension remittances by employers.
Additionally, the PenCom DG raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the State’s pension compliance rating. Governor Aiyedatiwapromised that the state would address most of the concerns before the next inspection.
