Governor Seyi Makinde of Oyo State has approved the payment of N550m in gratuities and death benefits for another batch of retirees and the next of kin of deceased pensioners.
The Chairman of the Oyo State Local Government Staff Pension Board, Akeem Ige, disclosed on Tuesday during the flag-off ceremony for the monthly disbursement of gratuities and death benefits to beneficiaries.
He explained that the government introduced the monthly payment system to accelerate the disbursement process and enhance the well-being of retirees.
“The government has approved N550m for the payment of gratuities and death benefits to another batch of retirees and the next of kin of deceased pensioners.
“This month 134 beneficiaries are set to receive their entitlements.”
Ige noted that the recent pension review which aligned with the minimum wage adjustments, has set the minimum pension payment in Oyo State at N25,000.
Earlier, the Permanent Secretary of the Local Government Staff Pension Board, Lukman Muraina, announced that the state would soon launch the “I Am Alive” program, a verification initiative to confirm the status of retirees.
The exercise is expected to commence after the completion of the monthly gratuity payments.
(Punch)
