Governor Seyi Makinde has approved the immediate implementation of the Contributory Pension Scheme (CPS) for workers in Oyo State, in a move aimed at enhancing retirement security for civil and public servants. The scheme, which is scheduled to commence on 1 July 2026, will apply to employees recruited from 1 January 2025 and is expected to strengthen pension administration while ensuring timely access to retirement benefits.
The approval was announced in a circular issued on Wednesday by the Oyo State Pensions Board through the Permanent Secretary of the Post-Service Board, Rev. Victor Adesola. Chairman of the board, Tunji Adekunle, stated that under the new arrangement, the state government will contribute 12 per cent, while employees will contribute 8 per cent.
According to Adekunle, the policy is intended to provide greater retirement security and guarantee the prompt payment of accrued benefits to affected workers once the scheme takes effect.
He directed all Ministries, Departments, and Agencies (MDAs) to submit comprehensive lists of employees recruited from 1 January 2025 to facilitate a seamless rollout. He also instructed each MDA to appoint a pension desk officer to serve as a liaison with the board, noting that officers’ details must include their telephone numbers, email addresses, and WhatsApp contacts.
Adekunle added that the initiative is designed to improve coordination, accountability, and the efficient management of pension matters across the state workforce. According to the circular, all required documents and information must be submitted on or before 22 June.
