BY NKECHI NAECHE-ESEZOBOR—The Ogun State Government has introduced an Additional Pension Benefit (APB) initiative under the Contributory Pension Scheme, enabling retirees to earn between 116% and 280% of their Total Annual Emoluments, significantly above the federal benchmark of 100%.
Governor Dapo Abiodun stated that the reform will ensure improved and timely payments, with most retirees receiving higher benefits than under the previous system. The initiative also provides a one-off lump sum while preserving full pension contributions, leading to better monthly pensions.
The government noted that it has cleared substantial pension backlogs and continues to prioritise retirees’ welfare, with stakeholders describing the scheme as a transformative and sustainable reform for retirement security in Ogun State.
