By Richard Akintade, Osogbo
Osun State Government on Wednesday presented the sum N507,295,065.50 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 state government.
The distribution exercise, which held on the premises of the Local Government Staff Pension Bureau, State Secretariat, Abere had 51 retired primary school teachers given the sum of N350,284,075.44, while another 39 retired Local Government staff members got a total sum N157,295,770.06.
Addressing the beneficiaries, Mr Afolabi eulogized the state helmsman, Mr Adeboyega Oyetola’s commitment to the welfare of pensioners and workers in the state.
According to Mr Afolabi, “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.”
The Director of Pension, Local Government Staff Pension Bureau, Mrs Motunrayo Ajayi had earlier appreciated God for giving the retirees the grace to be alive to receive their bond certificates.
Mrs Ajayi however urged those who had yet to get their bonds to exercise patience with a promise that they would also be given theirs at the appropriate time.
In his lecture which delved into 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.”
The guest speaker added 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 the governor, Mr Adegboyega Oyetola, on behalf of other beneficiaries, Mrs Sarah Oyewole lauded the initiative of the Osun Chief Executive for his numerous lifesaving Programmes and activities in spite of the seemingly poor economic situation of the country.
She promised that all the 90 beneficiary retirees would spend the money collected judiciously.
It would be recalled that Governor Adegboyega Oyetola recently presented pension bond certificates to about 143 retirees drawn from both the State and Local government services.
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