By Salam Saheed
The Okere of Sakiland, HRM, Oba (Dr.) Khalid Oyeniyi Olabisi Oyedepo III, has commended Oyo State Governor, Engr. Seyi Makinde, for approving the implementation of the Contributory Pension Scheme (CPS) for newly employed workers in the state.
The monarch gave the commendation on Friday while receiving the Chairman of the Oyo State Local Government Staff Pension Board, Hon. Akeem Ademola Ige, and members of the board at his palace in Saki.
The paramount ruler praised the governor for his worker- and pensioner-friendly policies, particularly the approval of the CPS, which takes effect from July 1, 2026, beginning with employees recruited from January 1, 2025.
He noted that the scheme would guarantee a more secure retirement by ensuring the prompt payment of pension benefits through Retirement Savings Accounts (RSAs) managed by licensed Pension Fund Administrators and Pension Fund Custodians.
Reflecting on his personal experience, the monarch disclosed that he retired from the federal civil service before the introduction of the contributory pension scheme and was unable to access his retirement benefits with ease. He contrasted this with workers who retired under the scheme and received their benefits promptly, describing the reform as a significant step toward ending delays in pension and gratuity payments.
He also commended Hon. Ige for his commitment to pension reforms, describing him as “a round peg in a round hole” whose leadership has complemented Governor Makinde’s efforts to improve the welfare of retirees.
Earlier, Hon. Ige said the board’s visit formed part of a statewide sensitisation campaign aimed at educating newly recruited local government workers and primary school teachers on the benefits of the contributory pension scheme. He added that the board also considered it important to pay homage to the paramount ruler in recognition of his support for government initiatives.
According to him, the former defined benefits scheme had become unsustainable, prompting the state government’s decision to introduce the CPS to guarantee timely payment of retirement benefits and prevent the future accumulation of pension liabilities.
He explained that under the new arrangement, the Oyo State Government, as the employer, will contribute 12 per cent, while employees will contribute eight per cent of their monthly emoluments, covering basic salary, housing and transport allowances.
The board chairman also acknowledged the progress made by the Makinde administration in reducing inherited pension liabilities, noting that monthly allocations for pension payments had risen significantly. However, he identified inadequate funding as a major challenge and appealed for sustained government support to clear outstanding pension obligations.
Hon. Ige further lauded traditional rulers across Oke-Ogun for supporting the state government’s efforts to maintain peace and security.
Following the palace visit, the board held a sensitisation programme for newly employed workers in Oke-Ogun Zone II, comprising Saki West, Saki East, Atisbo, Irepo, Oorelope and Olorunsogo local government areas, at the Saki West LG Secretariat.
He disclosed that similar sensitisation programmes had earlier been held in Oyo, Ogbomoso, Ibarapa and Oke-Ogun Zone I, while the Ibadan Zone exercise is scheduled to take place next Tuesday at the Local Government Staff Training School, Secretariat, Ibadan.
Among dignitaries at the event were the Permanent Secretary, Oyo State Local Government Staff Pension Board, Tpl. Olufemi Akinwale; Permanent Secretary, Oke-Ogun Zone I, Alhaji Hamzat Busari; Permanent Secretary, Oke-Ogun Zone II, Mr. Iyiola Olalekan; Permanent Secretaries from Ogbomoso and Oyo zones, Mr. Thomas Oguntona and Mrs. Titilayo Lanre-Adesina, respectively; Permanent Secretary, Ibarapa Zone, Dr. (Mrs.) Adefunke Hamzat; Heads of Local Government Administration, directors, labour leaders and other stakeholders.