UFOMBA UZUEGBU
Ondo State is exploring opportunities to leverage pension funds for infrastructural development in the state.
Governor Lucky Aiyedatiwa, disclosed this on Tuesday, when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Ms. Omolola Oloworaran in Akure.
A statement on Thursday quoted that the PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare for retirees and ensuring compliance with the Contributory Pension Scheme (CPS).
During the visit, Governor Aiyedatiwa commended the critical role of pension funds in economic development and commended PenCom for its proactive engagement.
He reaffirmed his administration’s commitment to the full implementation of the CPS in the state
The Ondo State Pension Commission (OSPEC) scored 72.44per cent in state pension compliance during the last Routine Inspection carried out by PenCom.
He expressed his aspiration to improve the state’s pension compliance rating from its current composite score of 72.44per cent to 95per cent by the next Inspection as challenged by the PenCom DG.
Speaking, the PenCom boss advocated key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors and an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.
She also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State.
She explains that this measure aims to enhance compliance and accountability in pension remittances by employers.
Besides, the PenCom DG raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the state’s pension compliance rating.
The governor assured that the state would address most of the concerns before the next inspection.
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