The Oyo State Government has announced the immediate implementation of the Contributory Pension Scheme following approval by Governor Seyi Makinde.
The scheme is designed to strengthen pension administration and ensure long-term financial security for civil and public servants in the state.
The directive was conveyed by the Chairman of the Oyo State Pensions Board, Tunji Adekunle, through a circular issued via the Permanent Secretary, Post-Service Board, Rev. Adekunle Adesola, yesterday.
Adekunle said the approval forms part of the governor’s reform agenda to improve workers’ welfare and secure retirement benefits for public servants in the state.
He explained that the scheme will cover officers employed into the Oyo State public service from January 1, 2025, while full implementation will begin on July 1, 2026.
He added that contributions will be shared at 12 percent by the employer and 8 percent by employees.
The circular directed all Ministries, Departments and Agencies (MDAs) to submit a full list of employees recruited since January 2025, using the approved template in both hard and electronic copies.
Each MDA is also required to appoint a Pension Desk Officer to coordinate implementation with the Pensions Board.
Adekunle said the arrangement is aimed at improving accountability, record-keeping, and efficient pension processing across the state service.
He further directed MDAs to submit all required documents to the Pensions Board on or before June 22, 2026, to ensure smooth implementation of the scheme.