Osun Govt Presents Over N500M Bond Certificates To Retirees

……. Promises To Do More Soon

Osun State Government has presented the sum of five hundred and seven million, two hundred and ninety-five thousand, sixty five naira, fifty kobo (#507,295,065.50) to ninety retirees in the state.

The Permanent Secretary, Local Government Staff Pension Bureau, Mr. Kayode Afolabi made this known while presenting the Bond Certificates to the beneficiaries under the Contributory Pension Scheme Programme of the state government of Osun .

The distribution exercise which held at the premises of the Local Government Staff Pension Bureau, State Secretariat,
Abere had fifty-one retired primary school teachers given the sum of three hundred and fifty million, two hundred and eighty four thousand, seventy-five naira forty four kobo (#350,284,075.44), while another thirty-nine retired Local Government staff got a total sum of one hundred and fifty seven million, two hundred and ninety five thousand, seven hundred and seventy naira six kobo (#157,295,770.06).

Addressing the beneficiaries,Mr Afolabi eulogized the state helmsman, Mr Adeboyega Oyetolas commitment to the welfare of pensioners and workers in the state.

According to Mr Afolabi “the Contributory Pension Scheme was aimed at assisting civil servants to save towards their retirement”.

“The scheme also ensures that civil servants receive their entitlements as and when due, because it establishes and implements a set of rules and regulations for the administration and payment of retirement benefits to retirees”.

Earlier In her welcome address, the Director of Pension, Local Government Staff Pension Bureau, Mrs Motunrayo Ajayi appreciated God for giving the retirees the grace to be alive to receive their bond certificates.

Mrs. Ajayi however urged those who are yet to get their bonds to exercise patient with a promise that they will also be given theirs at the appropriate time.

In his lecture which delved around life annuity ,Mr. Ayoade Gideon explained that “annuity is a kind of payment made to a person for the rest of his/her life upon transfer from his retirement savings account”. The guest speaker added that the “income cannot be reduced, no matter what happens”.

In another lecture , Mr. Simeon Opawale said “official notice of retirement, appointment letter, retirees indemnity form among others are requirements needed to access benefits at voluntary or mandatory retirement”.

While appreciating the governor,Mr Adegboyega Oyetola on behalf of other beneficiaries, Mrs Sarah Oyewole lauded the initiative of the Osun Chief Executive for his numerous lifesaving Programmes and activities in spite of the seemingly poor economic situation of the country.

She promised that all the ninety beneficiary retirees will spend the money collected judiciously.

It would be recalled that Governor Adegboyega Oyetola recently presented pension bond certificates to about 143 retirees drawn from both the State and Local government services.