Governor Seyi Makinde has approved the immediate commencement of the Contributory Pension Scheme (CPS) for Oyo State workers, marking a major shift in the state’s retirement benefits framework.
Chairman of the Oyo State Pensions Board, Tunji Adekunle, announced the approval in a circular issued Wednesday. The scheme applies to officers employed from January 1, 2025, and takes effect July 1, 2026.
Under the approved structure, the state government will contribute 12 per cent while employees contribute 8 per cent. Accrued benefits will be paid immediately upon commencement.
All Ministries, Departments and Agencies must submit comprehensive staff lists in Excel format by June 22, 2026, and designate a Pension Desk Officer to liaise with the Board.
“This measure is aimed at facilitating effective coordination, capacity building, accountability and seamless processing,” Adekunle stated.
The development follows growing calls for pension reform across states to guarantee retirement security for public servants.
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Oyo Workers to Enjoy Contributory Pension Scheme from July 1
