The Ogun State Government has released N6.75 billion for the payment of gratuity and Additional Pension Benefits (APB) to retirees in the state.
The Head of Service, Mr Olanrewaju Saka disclosed this in a statement on Friday
He said the release was part of the government’s continued efforts to address outstanding pension obligations and improve the welfare of retired workers.
According to him, N2.751 billion was released to pay gratuity to 432 beneficiaries, while another N4 billion was released for the payment of Additional Pension Benefits to eligible retirees from July 2025 to date.
Saka said the government remained committed to ensuring that workers who had served the state meritoriously received their retirement benefits despite competing demands on the state’s resources.
Explaining the Additional Pension Benefit, Saka said it was introduced to cushion the difference between the pension benefits retirees would have received under the old Defined Benefit Scheme (DBS) and what they are entitled to under the Contributory Pension Scheme (CPS).
He explained that while workers under the CPS have retirement savings in their Retirement Savings Accounts, some retirees could receive lower benefits than they would have been entitled to under the former scheme.
The APB, therefore, provides an additional payment from the state government to eligible retirees to bridge part of that gap.
Saka stressed that the APB is separate from the funds in retirees’ Retirement Savings Accounts and does not reduce the savings accumulated in those accounts.
He said the latest release demonstrated the administration’s commitment to providing greater financial security and dignity for retirees, adding that the government would continue to address outstanding pension and gratuity obligations in a systematic and sustainable manner.
The Head of Service assured retirees that the government would maintain transparency and engagement in the administration of retirement benefits.
He urged serving public officers to ensure that their pension records and documentation were accurate and up to date.
He reaffirmed the commitment of the Governor Dapo Abiodun administration to building a pension system that would enable public servants to approach retirement with greater confidence and security.
(vitalnewsngr.com)
