PenCom Recommends MPG To Ease Pension Remittances in Ondo State
By Patience Ikpeme
The National Pension Commission (PenCom) has recommended important changes to the Ondo State Pension Law, including the establishment of a Minimum Pension Guarantee (MPG).
This recommendation is to assist indigent contributors and the introduction of an Irrevocable Standing Payment Order (ISPO) to ensure steady pension remittances across successive administrations.
This was disclosed during a visit from the National Pension Commission (PenCom) delegation led by the Director General, Ms. Omolola Oloworaran , on Tuesday in Akure.
Oloworaran highlighted issues uncovered during the last OSPEC Routine Inspection and urged their swift resolution to enhance Ondo’s pension compliance rating.
Ms. Oloworaran also called for making the Pension Compliance Certificate (PCC) a compulsory requirement for business licensing, registration renewals, and contract awards in the state, aiming to boost employer compliance and accountability in pension contributions.
The Governor of Ondo State, Lucky Aiyedatiwa, reiterated his administration’s dedication to fully implementing the Contributory Pension Scheme (CPS) in Ondo noting that the most recent Routine Inspection by PenCom, the Ondo State Pension Commission (OSPEC) achieved a pension compliance score of 72.44%.
Emphasizing the importance of pension funds in economic development and promising to fully implement the Contributory Pension Scheme (CPS) in Ondo State, the governor disclosed that his state Is planning on leveraging pension funds to finance infrastructural development.
This approach he stated, involves investing pension assets in projects like roads, energy, and public facilities, which can help address the state’s infrastructure needs while aiming for stable, long-term returns for pensioners
Governor Aiyedatiwa assured that the state would address most of the concerns regarding pension in the state ahead of the next inspection.
