The Head of Service in the state, Mr. Reginald Bayoko, who made the disclosure in Asaba while presenting payment schedules to Pension Fund Administrators (PFAs) for the settlement of 54 retirees, assured that the administration of Governor Ifeanyi Okowa will continue to sustain the monthly release of funds to the Retirement Savings Account (RSAs) irrespective of economic situations.
Bayoko observed that the steepest challenge facing the contribution pension scheme is the rising number of retirees on the waiting list of payment, adding that “their pains, anguish, disappointments and forlorn hope have become a strong challenge that must be surmounted if any meaningful gain is to be made out of the scheme in the long run”.
Bayoko observed that the steepest challenge facing the contribution pension scheme is the rising number of retirees on the waiting list of payment, adding that “their pains, anguish, disappointments and forlorn hope have become a strong challenge that must be surmounted if any meaningful gain is to be made out of the scheme in the long run”.
Governor Ifeanyi Okowa
“The state government, in response to this challenge did promise and had consistently released funds for the settlement of retirement benefits since January 2017. So far, about 100 retirees’ benefits amounting to 550 million naira has been settled since the beginning of the year.
See THE SOLUTION TO PDP CRISIS
“This unwavering commitment is coupled with the fact that counterpart contributions for workers are being religiously remitted on a monthly basis into their Retirement Savings Accounts (RSAs), making Delta State one of the most up-to-date in the payment of pension entitlements”, he said.
The head of Service noted that the state government is aware of the increasing dominance of the pension industry as well as its potential of becoming a major catalyst for socio-economic growth, adding that “at the moment, its asset under management is in excess of N5 trillion, with only about 27 per cent of its potentials tapped”.
“This unwavering commitment is coupled with the fact that counterpart contributions for workers are being religiously remitted on a monthly basis into their Retirement Savings Accounts (RSAs), making Delta State one of the most up-to-date in the payment of pension entitlements”, he said.
The head of Service noted that the state government is aware of the increasing dominance of the pension industry as well as its potential of becoming a major catalyst for socio-economic growth, adding that “at the moment, its asset under management is in excess of N5 trillion, with only about 27 per cent of its potentials tapped”.
Delta State Head of Service, Mr. Reginald Bayoko (Middle), the State Chairman, Bureau of Pension, Chief (Mrs.) Christiana Siakpere (Left) and the Secretary of Bureau, Mr. Chuks Aguonye during the presentation of payment schedules to Pension Fund Administrators in Asaba.
“As a responsive government, we cannot take the back seat in efforts aimed at maximizing our socio-economic advantage while at the same time responding actively to the yearnings and aspirations of our workforce. While the cost of running the scheme may be high at these initial stages, we understand that it puts a cap to our future liabilities and it is obviously the way to go in ensuring a sustainable pension administration”, Bayoko said.
He appealed to all stakeholders and partners of the pension scheme to map out packages that takes current economic challenges into consideration, adding that the state government would leverage on all sincere efforts at deepening the tenets and operation of the scheme with the aim of protecting the interest and welfare of its workers.
The State Chairman, Bureau of Pension, Chief (Mrs.) Christiana Siakpere explained that funds are disbursed to beneficiaries of the scheme on a ‘first come, first serve’ basis, urging retirees to be patient while all processes are being perfected to ensure the prompt payment of their benefits.
Siakpere noted that the mass retirement of government workers in 2012 coupled with the economic downturn were the major causes of delay in the payment of benefits to retirees, assuring that with the current commitment of the state government, smiles will soon return to faces of the retired staff.
No comments:
Post a Comment