Rivers State Government has sent an Executive Bill to the Rivers State House of Assembly to Reform the Contributory Pension Scheme (CPS) in the State. – PensionNigeria

Rivers State Government has sent an Executive Bill to the Rivers State House of Assembly to Reform the Contributory Pension Scheme (CPS) in the State.

The Majority Leader of Rivers State House of Assembly, Hon. Martin Chike Amaewhule, presented the Bill before the Rivers State House of Assembly.

The bill seeks to repeal the Rivers State Contributory Pension Scheme for Employees in the Public Service Law (No.7 of 2009) and the Rivers State Contributory Pension Scheme for Employees Law (Amendment No.1 of 2012).

The bill is part of efforts to review of Rivers State Contributory Pension Scheme of 2012 as a way of addressing the plight of pensioners and civil servants in the State.

The Majority Leader announced that when passed the bill will substantially eliminate the impediments associated with the implementation of the Pension Scheme in the State.

He further stated that the bill will eradicate the inherent challenges with the existing legal and policy frameworks for effective pension administration in Rivers State and put smiles on the faces of Pensioners.

The Bill was presented to the House on 10th April 2019 and passed through its first reading. The second reading of the bill took place on 11th April 2019.
Thereafter, the Speaker of the House, Rt. Hon. Ikuinyi-Owaji Ibani committed the Bill to the House Committee on SSG/HOS and Pension Matters and directed them to present their report in two weeks time to the House.

Below are extracts from the Bill.
“Contributions payable by any other employer under this law shall be a charge on statutory allocation and subvention.”
“An employee shall not make any withdrawal from his retirement savings account. Every employee in Rivers State Public Service shall retire at the age of 60 years.”
“The rate of contribution by the employee shall be 7.5 percent and 7.5 percent by employer. And the employer can agree to bear the full burden of the monthly emoluments of the employee.”

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