By Deborah Oladejo, Osogbo
Osun State Government has presented over N500million to 90 retirees in the state.
The Permanent Secretary, Local Government Staff Pension Bureau, Mr. Kayode Afolabi made this known while presenting the Bond Certificates to the beneficiaries under the Contributory Pension Scheme Programme of the Osun State Government.
The distribution exercise, which held at the premises of the Local Government Staff Pension Bureau, State Secretariat, Abere, had 51 retired primary school teachers given the sum of N350million and 39 retired local government staff who got over N157million.
Addressing the beneficiaries, Afolabi commended Governor Adeboyega Oyetola’s commitment to the welfare of pensioners and workers in the state.
He said: “The Contributory Pension Scheme was aimed at assisting civil servants to save towards their retirement. The scheme also ensures that civil servants receive their entitlements as and when due, because it establishes and implements a set of rules and regulations for the administration and payment of retirement benefits to retirees.”
Earlier In her welcome address, the Director of Pension, Local Government Staff Pension Bureau, Mrs. Motunrayo Ajayi appreciated God for giving the retirees the grace to be alive to receive their bond certificates.
Ajayi, however, urged those who are yet to get their bonds to exercise patience with a promise that they will also be given theirs at the appropriate time.
In his lecture which delved around life annuity, Mr. Ayoade Gideon explained that “annuity is a kind of payment made to a person for the rest of his/her life upon transfer from his retirement savings account”, adding that the “income cannot be reduced, no matter what happens”.
In another lecture, Mr. Simeon Opawale said “official notice of retirement, appointment letter, retirees indemnity form among others are requirements needed to access benefits at voluntary or mandatory retirement.”
While appreciating Governor Oyetola on behalf of other beneficiaries, Mrs. Sarah Oyewole lauded the initiative of the governor for his numerous lifesaving programmes and activities in spite of the seemingly poor economic situation of the country, promising that all the 90 beneficiaries will spend the money collected judiciously.
Oyetola had recently presented pension bond certificates to about 143 retirees drawn from both the State and Local Government Services.