Retirees in Ogun State on Monday staged a protest in Abeokuta, calling on the state government to suspend the Contributory Pension Scheme (CPS). They said they resorted to street demonstrations because the policy, introduced to safeguard their post-service welfare, had failed to provide any support since their retirement. The protest was held at the state government secretariat, where the retirees gathered to express their frustration.
Speaking on behalf of the group, Mr. Daniel Akanji, a retired public servant, said those who left service from July this year had been left without any financial benefit after 35 years of work. He argued that the CPS had failed because the government had not complied with the laws guiding its implementation, leaving retirees stranded and without financial support.
“We have worked for 35 years and retired with nothing to show for it. The policy is good, but right from inception, it has been faulty,” Mr. Akanji said. He explained that the mandatory 7.5 per cent contribution deducted from workers and the government had not been fully remitted for nearly 18 years. According to him, even retirees with the highest balances had “barely N2 million,” adding that it was impossible to survive on such an amount.
He said many retirees had now been pushed into begging due to hardship. Mr. Akanji urged the government to suspend the CPS for at least five years or scrap it entirely, noting that past administrations had also deferred its full implementation because they failed to remit their own contributions.
Responding to the protesters, Mrs. Arinola Adetayo, Permanent Secretary of the Bureau of State Pensions, said the government had addressed the major issues affecting the CPS. She stated that retirees were currently benefiting from government palliatives and assured them that all outstanding CPS deductions, as well as returns on investment, would soon be credited to their Retirement Savings Accounts (RSAs).
“We have gotten approval for the payment, and we are processing it,” she said. Mrs. Adetayo added that only retirees who had yet to complete their documentation with the bureau might experience delays. She further explained that once the palliative programme ends in December, retirees would begin to receive their monthly pension from the appropriate account.
She urged retirees to complete their documentation so the government could finalise payments.
