The Osun State Government, led by Gov. Gboyega Oyetola, has approved the release of N708 million to pay pension arrears to retirees in the state. This is according to a statement released on Monday in Osogbo by the state’s Head of Service, Dr. Festus Oyebade.
According to Oyebade, N508 million was allowed for payment of pensioners under the old pension plan, while N150 million was approved for payment of chosen retirees under the contributory pension scheme “based on merit.”
According to the head of service, N50 million has been granted to offset some of the retirees’ gratuities under the old pension scheme.
He stated that the Oyetola-led administration was devoted to the welfare of retirees and that efforts were being made to ensure that workers were given the respect they deserved.
The names of the selected retirees were put on notice boards at the Ministry of Information and Civil Orientation, the State Pensions Bureau, and the Office of the Head of Service, according to Oyebade.
Payment is expected to commence on November 23, 2021.