Thursday, April 10, 2025
26.4 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

Heirs Life Assurance Wins ‘Agency Company of the Year’ Award by CIFM

L-R: Yetunde Ayeni, Group Head, Resources, Heirs Insurance Group,...

Wafira Ntaba Partners Leadway Assurance to Launch Plan B Insurance, a Bespoke Product for Nigerian Women

Leadway Assurance, Nigeria's leading insurance provider, has partnered with...

Stanbic IBTC Bank Budgets N130m in 4th Season of Reward4Saving Promo

Stanbic IBTC Bank, a leading financial services provider in...

STI CEO, Soyinka to Nigerians: Cultivate a Culture of Insurance

The Managing Director and Chief Executive Officer of Sovereign...

Sterling Bank Champions Cancellation of Transfer Charges

In a landmark move that sets a new benchmark...

Topics

Red Star Express Expands with GSA Services

One of Nigeria’s leading logistics and cargo generating company,...

IMF Cuts Global Growth Forecast over BREXIT

The International Monetary Fund cut its forecasts for global...

NAIC Expresses Sympathy for Flood Victims Across Nigeria

The Nigerian Agricultural Insurance Corporation (NAIC) sympathises with flood...

Headline Inflation Tops 18.3% in October 2016

The National Bureau of Statistics (NBS) released the inflation...

Kaspersky Offers Free Security for Medical Firms over COVID-19

  Kaspersky announces free availability of its core endpoint security...

Editors Conference: Media Collaboration with Security Agencies Will Tackle Insecurity

The 17the All Nigerian Editors Conference has called for...

African Alliance to NSE: Anthony Okocha is our New Chairman

African Alliance Insurance Plc has officially informed the Nigerian...

Dangote Refinery is a Continental Game Changer – Gov Adeleke

The Executive Governor of Osun State, Senator Ademola Adeleke...
spot_img

Related Articles

Popular Categories

spot_imgspot_img