ONDO STATE EXPLORES PENSION FUNDS FOR INFRASTRUCTURE DEVELOPMENT
GREATRIBUNETVNEWS–Ondo State is considering utilizing pension funds to boost infrastructure development, Governor Lucky Aiyedatiwa revealed during a meeting with the National Pension Commission (PenCom) led by Director General, Ms. Omolola Oloworaran. The state aims to leverage these funds while ensuring compliance with the Contributory Pension Scheme (CPS).
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Key Discussions:
– Pension Reforms: PenCom’s visit focused on improving welfare for retirees and ensuring CPS compliance.
– Compliance Rating: Ondo State Pension Commission (OSPEC) scored 72.44% in the last Routine Inspection, with the Governor aiming to reach 95% by the next inspection.
– Proposed Amendments: PenCom advocated for introducing a Minimum Pension Guarantee (MPG) and Irrevocable Standing Payment Order (ISPO) to support contributors and ensure consistent remittances.
– *Pension Compliance Certificate*: PenCom suggested making it mandatory for business licensing, registration renewals, and contract awards to enhance compliance.
Next Steps:
The Governor assured that the state would address concerns raised during the inspection and work towards improving its pension compliance rating. This development highlights Ondo State’s commitment to infrastructural development and pension scheme implementation .
