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Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To - Politics - Nairaland

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Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by Joeehiz: 9:55pm On Jul 06, 2020
Obaseki spends N25bn on pension payment, clears arrears with N4.3bn, commits to gratuity, harmonisation


The Edo State Government has expended over N4.3 billion in clearing the backlog of outstanding pension arrears owed about 3,128 pensioners in the state.


The state government also spent N25, 047,472,632.77 in the monthly pension payment of 13,081 pensioners from November 2016 to May 2020.


According to a Mid-Year Report by the Edo State Pension Bureau as at 30th June, 2020, “the government spent a total of N771,714,393.01 between November and December 2016 for the payment of pensions; N 5,371,283,211.09 was expended in 2017; N6,452,535,649.08 in 2018 and N7,936,681,957.45 in 2019.


“For 2020, the government spent N735,069,623.04; N736,780,760.18; N759,731,334.31; N760,620,948.61; N759,695,333.23 and N763,359,423.02 in January, February, March, April, May and June respectively.”


It was observed that with the setting aside of N200 million monthly, the Governor Godwin Obaseki-led administration has been able to defray arrears of pensions dating back to 1996 up to December 2018 in furtherance of its commitment to the welfare of pensioners.


“The government divided the pensioners into batches 37 to 65 and ensured that the backlog was cleared after physical and documentary verifications. Having completed the payment of outstanding pension arrears, the next steps to be considered in the weeks ahead are harmonisation of pensions, payment of Death Benefits and Gratuity.”


The report further revealed that besides clearing the backlog of pension arrears, an efficient management process has been put in place to fast-track the processing and documentation of retiring officers’ entitlements, thus ensuring a seamless migration from salary payroll to pension payroll. This, it noted, has minimised the incidence of accumulation of pension arrears that had been a burden before the inception of this administration.


The report revealed that workers who are eligible to register under the Contributory Pension Scheme (CPS) have the benefit of a Group Life Insurance cover that makes provision for beneficiaries of a contributor in the event of death in active service.


“The sum of N80,713,446.34 was paid as premium for 9,803 Edo State employees in the CPS. With this payment made, the next of kin of deceased employees receives three times their gross annual salary as benefits. From the commencement of the CPS on 1st January 2017 till date, a total sum of N 81,169,724.24 have been paid to families of 34 deceased employees of the State Public Service who were enrollees of the CPS,” it noted.


The report further stated: “The State Government exercised political will and has been committed to the payment of pension arrears, monthly pension, death benefits under the Defined Benefit Scheme and government’s 10 percent matching contribution into the Employees' RSA in compliance with the provisions of the Edo State Contributory Pension Scheme Law of 2010 as amended.


“The State has made remittances of contributions of both employees (8%) and employer (10%) to the PFAs for 39 months, i.e. from January 2017 to April 2020 which amounts to N5,230,348,954.34. Of this, government’s (employer) matching (10%) contribution is N2,905,749,419.08 only, while that of the employees’ (8%) contribution is N 2,324,599,535.26.


“Also, a Retirement Benefits Bonds Redemption Fund (RBBRF) account has been opened with the Central Bank of Nigeria (CBN). This account is being funded monthly to ensure that funds are available to defray the accrued pension rights of employees who have registered for the Contributory Pension Scheme. The RBBRF Account is being funded with five percent of the total monthly wage bill of employees in fulfillment of the provision of the Contributory Pension Scheme Law.”
Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by XXXXTENTACION: 10:01pm On Jul 06, 2020
Election don near na undecided




he will do anything to appease the people so they will vote him in cool





but when he wins _______100 % he will recoup all he spent during the election cool

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Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by Lawdis(m): 10:11pm On Jul 06, 2020
Nigeria politicians are the most cunning dunce....

what stops him from doing all these things since past 3yrs still keeps me pondering



Mr Obaseki why now election is around the conner?



....anyway I wish you successful jumbo winning

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Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by XXLMANDIGO: 10:14pm On Jul 06, 2020
This Man isn't doing badly at all. The welfare of the workers and Pensioners means a lot to him. I believe he is very empathetic.

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Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by Aizenosa(m): 11:39pm On Jul 06, 2020
Lawdis:
Nigeria politicians are the most cunning dunce....

what stops him from doing all these things since past 3yrs still keeps me pondering



Mr Obaseki why now election is around the conner?



....anyway I wish you successful jumbo winning

Seems you didn't read the story at all but jumped into conclusion. From 2016, please always read before jumping into conclusion.

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Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by abitex577(m): 1:05am On Jul 07, 2020
This rural mobilisation.....
Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by popez: 4:33am On Jul 07, 2020
Lawdis:
Nigeria politicians are the most cunning dunce....

what stops him from doing all these things since past 3yrs still keeps me pondering



Mr Obaseki why now election is around the conner?



....anyway I wish you successful jumbo winning

You are the cunning dunce here. Why can't you read? I mean, the post isn't long at all, and you still couldn't read before you started calling people names. Tufia!!
Re: Obaseki Spends N25bn On Pension Payment, Clears Arrears With N4.3bn, Commits To by OVB123: 6:22am On Jul 07, 2020
Obaseki started clearing pension arrears in state from 1996 to date, telled me how many governors has done that in nigeria?

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