The Bauchi State Government has officially inaugurated the State Contributory Pension Commission (PENCOM) to strengthen the management of pension funds and enhance the welfare of workers and retirees.
Governor Bala Abdulkadir Mohammed, represented by the Secretary to the State Government, Aminu Hammayo, inaugurated the Commission’s Chairman and members on Monday, urging them to manage the new scheme transparently and efficiently.
According to the Governor, the contributory pension scheme was introduced to tackle long-standing issues in the old system, including poor funding and pension liabilities exceeding N30 billion. He explained that the new scheme is fully funded, requiring monthly contributions from both employers and employees.
The Commission is tasked with developing operational guidelines, ensuring prompt payment of retirement benefits, maintaining a contributor database, and upholding transparency in pension administration.
Governor Mohammed emphasized the importance of integrity, accountability, and public trust in the Commission’s operations.
In his acceptance speech, newly appointed Chairman Alhaji Sabiu Baba, a former Secretary to the State Government, pledged the Commission’s full commitment to its responsibilities.
To ensure accountability, the Commission is expected to submit annual reports, quarterly financial statements, and audited accounts to the state government.
