Bayelsa signs CPS law for State, LG Staff & Political appointees, Political appointees get higher pension contributions %

Governor Douye Diri of Bayelsa State has signed a bill on Contributory Pension Scheme (CPS) for civil servants, local government workers and political appointees, into law, which was passed by the House of Assembly.

The Speaker of the House of Assembly, Abraham Ingobere, while presenting the bill for assent at the Government House, Yenagoa, explained that the state and local government workers would be required to contribute 8% of their salaries toward their retirement, while the State Government and Local Government Councils as their employers would contribute 10% on their behalf.

Also, he noted that political officeholders were expected to contribute 10% of their salaries, while the state government and local government councils contribute 15% on their behalf upon their retirement or disengagement from the service.

The governor after assenting to the bill said the Contributory Pension Law would put an end to the long delay and harrowing experience retirees go through before receiving their gratuities and other entitlements.

Diri stressed that the pension scheme had to be backed by law because of its importance which he noted, would outlive his administration. According to him, the scheme covers all employees of the state as well as political office holders both at the state and Local Government levels.

Diri assured workers that government would ensure that proper machinery was put in place to engage only reputable pension fund administrators to manage the funds in accordance with pension regulations.

He said, “Upon assumption of office, we discovered that some of our elder statesmen that had served our state meritoriously over the period had died without collecting their gratuity. Most of them have been owed in arrears to the tune of billions of naira.”

Read all Bayelsa State pension news HERE

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