The Ondo State House of Assembly has amended the Contributory Pension law 2014.
The law was a domestication of the pension reform Act 2004 which was signed into law by the Federal Government.
It among other things seeks to regulate the contributory pension scheme for workers in the public service of Ondo State.
The contributory pension scheme was midwifed by the Federal government in 2004 following years of neglect and suffering experienced by workers after service and the associated bottlenecks to accessing pension after service.
The domestication of the law came alive in Ondo State in the year 2014, after the pension bill was passed into law by the Ondo State House of Assembly.
A bid to harmonise grey areas in the Ondo State Contributory Pension law 2014 which are at variance with the 2004 pension reform act of the Federal Government, prompted an executive bill for amendment of crucial sections of the law.
After passing through the first and second reading, the bill was committed to the Committee of the whole where the identified grey areas were critically discussed and resolved.
Speaking before the amended version was passed into law, Speaker of the House, Rt. Honourable Bamidele David Oleyelogun observed that with the amendment, the Ondo State Pension law will further enhance better life for workers after service.
Oleyelogun noted that the amendment was justifiable and another milestone by the state government targeted at bringing succour to workers after years of meritorious service.
The 2014 law on contributory pension scheme for workers in Ondo Ondo State public service has as its objectives, assisting persons in the employment of the state Government to save towards their retirement.
It seeks to ensure that persons who retire from the public service of Ondo State receive their terminal or retirement benefits as and when due.
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