Friday, December 20, 2024
36.1 C
Lagos

Status of Contributory Pension Scheme in South East (June 2021)

Abia State
• Enacted Law on the CPS in 2017.
• Yet to establish Pension Bureau.
• Yet to register the State Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy.

Anambra State
• Enacted Law on CPS in 2013 (amended some sections of the Law in 2014).
• Registered Employees with PFAs Remitting 10% employer & 5% employee contributions. Remitted employer pension contributions up to December 2017 and remitted employee pension contributions up to April 2021 for some State employees.
• Remitted employee and employer pension contributions up to August 2018 for Local Government employees.
• Opened a Retirement Benefits Bond Redemption Fund Account with a PFA, for the Local Government employees in line with the State Law
• Yet to conduct an Actuarial Valuation.
• Irregular funding of Accrued Pension Rights for Local Government employees.
• Yet to establish Pension Bureau (implementation being driven by Office of the Head of Service & Joint Account Allocation Committee).
• Yet to open Retirement Benefits Bond Redemption Fund Account for the State employees.
• Yet to commence funding of the Accrued Pension Rights for State Employees.
• Yet to institute a Group Life Insurance Policy

Ebonyi State
• Enacted Law on CPS in 2017 (amended the Law and forwarded to the Commission and the Commission communicated its observations on the Law to the State).
• Yet to establish a Pension Bureau.
• Yet to register its Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open a Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of the Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

Enugu State
• Enacted Law on CPS in 2014
• Yet to commence funding of the Accrued Pension Rights.
• Yet to establish Pension Bureau.
• Yet to institute a Group Life Insurance Policy.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account

Imo State
• Enacted Law on CPS in 2008.
• Yet to establish a Pension Bureau.
• Yet to register the Employees with PFAs.
• Yet to commence remittance of Pension Contributions.
• Yet to conduct an Actuarial Valuation.
• Yet to open Retirement Benefits Bond Redemption Fund Account.
• Yet to commence funding of Accrued Pension Rights.
• Yet to institute a Group Life Insurance Policy

spot_img
spot_img
spot_img

Hot this week

Adekunle Gold, Wande Coal, Young Jonn Set to Thrill Fans at Lagos Shopping Festival

Lagosians are in for the most exciting music extravaganza...

Mediacraft Associates Continues to Blaze the Trail in Awards

  Group CEO Voted ‘Legend of Marketing Comms’ John Ehiguese, CEO...

Committee of Banks in Nigeria Donates Multimillion Naira Relief Materials to Jigawa Flood Victims

The Committee of Banks in Nigeria on Thursday lifted...

Polaris Bank Wins SERAS Award, Africa’s Sustainability/CSR Recognition

Polaris Bank over the weekend, added yet another feather...

2025: Budget of Restoration: Securing Peace, Rebuilding Prosperity

By Tanimu Yakubu Director-General Budget Office of the Federation I am pleased...

Topics

Emirates Invests $2bn to Enhance On-Board Customer Experience

Emirates is investing over US$ 2 billion to enhance...

AfDB Approves Policy on Non-Sovereign Operations

The Board of Directors of the African Development Bank...

Global Demand for Air Cargo Up in June

The International Air Transport Association (IATA) released data for...

Heirs Insurance Group Unveils Digital Insurance Experience Centre

L-R: Ifesinachi Okpagu, Chief Marketing Officer, Heirs Insurance Group;...

NAICOM Chief, Sunday Thomas, Wins 2022 SERVICOM CEO Award

Mr. O. S. Thomas, the Commissioner for Insurance/CEO, National...

Nigeria Missing in Global Quality of Living Ranking

Despite increased political and financial volatility in South Africa,...

‘African Businesses Should Embrace Cross-border e-Commerce’

Cross border e-commerce continues to provide significant growth opportunities...

Emirates Opens New Lounge for Children

Young travellers flying Emirates as unaccompanied minors can now...
spot_img

Related Articles

Popular Categories

spot_imgspot_img