BY NKECHI NAECHE-ESEZOBOR –Governor Lucky Aiyedatiwa of Ondo State has promised to to improve the State’s pension compliance rating from its current composite score of 72.44% to 95% by the next Inspection.
He disclosed this when he received a delegation from the National Pension Commission (PenCom) led by the Director General, Ms. Omolola Oloworaran in Akure.
PenCom delegation visited the Governor to discuss critical pension reforms aimed at improving welfare for retirees and ensuring compliance with the Contributory Pension Scheme (CPS).
Speaking during the visit, he said the State is exploring opportunities to leverage pension funds for infrastructural development in the state.
Aiyedatiwa extolled the critical role of pension funds in economic development and commended PenCom for its proactive engagement.
He reaffirmed his administration’s commitment to the full implementation of the CPS in Ondo State.
Also, in her remarks, PenCom DG proposed key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors and an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.
Oloworaran also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State. This measure aims to enhance compliance and accountability in pension remittances by employers.
She also raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the State’s pension compliance rating.
Governor Aiyedatiwa promised that the state would address most of the concerns before the next inspection.
