The Ondo State Pension Commission (OSPEC) has commenced moves to onboard the Rufus Giwa Polytechnic, Owo, into the state’s Contributory Pension Scheme, as part of ongoing efforts to ensure sustainable pension management and timely benefits for public workers.
Speaking during a sensitisation exercise held at the institution on Tuesday, the Director-General of the Commission, Mr Babatunde Adefusi-Owate, said the visit became necessary to educate staff on the workings of the scheme and address lingering concerns about implementation.
“This visit is not to compel anyone, but to sensitise and prepare you for the eventual transition, the Contributory Pension Scheme ensures that no worker will retire into hardship again,” he said.
Adefusi-Owate said the new contributory system was structured to ensure that both the employer and employee contribute jointly to each worker’s retirement savings account, which is managed by licensed Pension Fund Administrators (PFAs).
“It guarantees that funds deducted from your salary are properly remitted, managed transparently, and invested for your future. This system is safer and more reliable than the old one.”
He explained that the Contributory Pension Scheme was introduced to guarantee that workers receive their benefits as at when due, without depending solely on government subvention, adding that the system was designed to be transparent, portable, and sustainable.
The DG noted that the OSPEC has already engaged other state-owned institutions, assuring RUGIPO staff that their interests would be protected once the process begins.
In his remarks, the Rector of the Polytechnic, Mr. Olorunwa Adegun, represented by the Acting Registrar, Mr. Olugbenga Oloye commended the Commission for the initiative, describing it as timely and beneficial.
He urged the staff to embrace the scheme with an open mind, noting that pension reforms are aimed at protecting workers’ future.
“Change is never easy, but it is necessary. This sensitisation is an eye-opener, and we will continue to work closely with the Commission to ensure a smooth transition,” he explained.
During a brief management session, both parties discussed modalities for the eventual enlistment of the polytechnic into the scheme. The Commission also assured the school management of technical support throughout the process.
The Acting Rector, Mr. Olorunwa Adegun, pledged the institution’s readiness to fully key into the Contributory Pension Scheme (CPS) of the Ondo State Government, describing the initiative as a welcome development for workers approaching retirement.
According to Adegun, the delay in joining the scheme earlier was due to past irregularities in salary payments, but the situation has improved significantly under the current administration.
“This is a good initiative, As you are retiring, you should be going home with something. The main thing that hindered us from joining a while ago was the issue of irregular payment, but that has changed now.
The Governor of the state is doing very well, and we are ready to join the scheme,” he stressed.
He assured the officials of the Ondo State Pension Commission (OSPEC) of the institution’s full cooperation in implementing the scheme for all eligible staff.
In his response, the Director General of the Commission, Mr. Babatunde Adefusi-Owate, said the state government was determined to ensure that all tertiary institutions in Ondo State fully adopt the contributory system.
“The plan is to ensure that all tertiary institutions in Ondo State join the Contributory Pension Scheme,”Adefusi-Owate stressed.
Adefusi-Owate explained that the state government had mandated all staff members employed from 2014 onwards to be enrolled in the CPS, urging the Polytechnic management to fast-track the process.
“I urge the management to facilitate the joining of the Contributory Pension Scheme quickly,”he advised.
He further disclosed that Governor Lucky Aiyedatiwa had directed the Commission to develop a digital platform to enable contributors to monitor their pension accounts online.
“The governor has instructed us to create digital websites where contributors can have access to monitor the growth of their contributions”.the DG said
The sensitisation programme forms part of the OSPEC’s ongoing campaign across tertiary institutions in Ondo State to deepen awareness and compliance with the Contributory Pension Law.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
