Oyo Set to Roll Out Contributory Pension Scheme for Workers

The Oyo State Government has announced the official launch of its Contributory Pension Scheme (CPS), following approval from Governor Seyi Makinde.

The initiative was disclosed in a statement released on Thursday by the Commissioner for Information, Dotun Oyelade, on behalf of the Chairman of the Oyo State Pensions Board, Tunji Adekunle. The policy directive has been formally circulated to all government ministries, departments, agencies (MDAs), and public servants across the state.

According to the implementation framework, the scheme will target all public and civil servants employed by the state government on or after January 1, 2025. The funding framework will officially commence deductions on July 1, 2026. Under the approved structure, the contribution rates are set at 12 percent from the employer (the Oyo State Government) and 8 percent from the employee.

The Pensions Board chairman assured workers that the state government is committed to ensuring the prompt disbursement of accrued benefits to all eligible personnel once the scheme becomes operational. To ensure a seamless transition, the state government has directed all MDAs to compile and submit a comprehensive database of workers hired since January 1, 2025. This data must be forwarded to the Pensions Board in both hard and soft copies by Monday, June 22, 2026.

Additionally, every ministry and agency is required to appoint a dedicated Pension Desk Officer. These officers will undergo capacity building and handle data coordination, accountability, and the administrative processing of pension matters.