Page 19 - பங்களிப்பு ஓய்வூதியம் திட்டம் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Contributory Pension: Going the way of old scheme? By Tue Feb 23 2021 The Contributory Pension Scheme (CPS) was introduced in 2004 by then President Olusegun Obasanjo’s administration to address the problems of late payment of pensions and gratuities to retirees. The CPS established via Pension Reform Act, 2004, covered both the public and private sector workers. For federal workers, the CPS is compulsory since inception, while some states are implementing the scheme. However, the problems associated with the old scheme had started to rear its ugly head. Under the CPS, retirees are supposed to be paid their entitlements three months after retirement. That was so at the initial stage, but not now.

Morayo omoladeAlhaji ahmed dadaMuhammadu buhariOlusegun obasanjoNational planningMinistry of informationBudget office of the federationPublic service on augContributory pension schemePresident olusegun obasanjoPension reform actAhmed dadaAssistant directorFederal ministryContributory pensionRetirement savings accounts