has kicked off its Contributory Pension Scheme with 4,938 workers. he said government started the scheme with workers that were employed in the state public service from 2010 till date.
He explained that the affected workers would contribute eight percent of individual basic salaries from January 2012 while government, as the employer, would pay commensurate 10% of the basic salaries of respectiveworkers into the scheme in accordance with the state contributory pension act.
The HoS noted that the development was a follow-up to the recent passage of the bill on the Pension Scheme by the State House of Assembly and its subsequent signing into law by Governor Ayodele Fayose.
Assuring all stakeholders of a successful implementation of the scheme in the state, Faseluka stressed that the officers handling the project were carefully selected and extensively trained for efficiency towards achieving desired maximum output.
He said that government also established the Pension Transitional Arrangement Directorate headed by an Executive Secretary to oversee and further ensure proper implementation of the scheme.