Edo State Government has paid the sum of N81, 169, 724.24 as pension benefits to families of 34 deceased employees of the State Public Service who are enrollees of the Contributory Pension Scheme (CPS)
Official said such action is in line with the far-reaching reforms of the Governor Godwin Obaseki-led administration in furtherance of its commitment to the welfare and wellbeing of workers.
This figure was contained in a report recently released by the Edo State Pension Bureau. According to the bureau, another 36 deceased employees have received death benefit entitlements to the tune of N 177,886,339.18 under the Defined Benefit Scheme till date.
“The state government also paid Group Life Insurance premium for Edo State Public Service workers to a Group Life Insurance Firm, Tangerine Life Insurance Limited, for years 2017 to 2018. This is for those who have transited to the CPS. The sum of N80, 713,446.34 was paid as premium for 9,803 Edo State employees in the CPS.
“With this payment made, the next-of-kin of deceased employees receives three times their gross annual salary as benefits. From the commencement of the CPS on January 1, 2017 till date, a total sum of N 81,169,724.24 has been paid to families of 34 deceased employees of the State Public Service who were enrollees of the CPS,” the Report said.
It added that: “For years 2018-2019, the Group Life Insurance premium for the employees under the CPS was renewed for the sum of N215, 089,034.75 for 10,310 employees of the state public service in the CPS.
“For year 2020, the State has renewed the Group Life Insurance premium for 10,884 employees of the State Public Service in the CPS for the sum of N174, 177,428.71.”
The bureau explained: “The State Government exercised political will and has been committed to the payment of pension arrears, monthly pension, death benefits under the Defined Benefit Scheme and its 10 percent matching contributions into the Employees RSA in compliance to the provisions of the Edo State Contributory Pension Scheme Law of 2010 as amended.”
