A chieftain of the All Progressives Congress (APC) in Osun State, Mr. Olatunbosun Oyintiloye, has appealed to President Bola Tinubu to intervene in the plight of pensioners under the Contributory Pension Scheme (CPS).
Oyintiloye identified delayed or non-payment of pension, inadequate funding, and corruption within the pension scheme as major challenges facing pensioners.The APC chieftain noted that since the introduction of the CPS in 2004, pensioners have not been treated fairly.
He lamented that many senior citizens are paid between 25 and 50 percent of their lump sum after retirement, while others do not receive payment at all.Oyintiloye commended President Tinubu for approving a N758 billion bond to clear 16 years of pension liabilities.
However, he emphasized that more needs to be done to alleviate the suffering of pensioners.The APC chieftain urged the President to work with the National Assembly to review the 2004 Pension Act. He proposed that pensioners should be allowed to withdraw their entire retirement savings immediately after exiting service.
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Additionally, Oyintiloye suggested that pensioners should have access to free healthcare services once they reach 65 years of age. He believed that these measures would enable pensioners to take care of their needs and venture into businesses.
Oyintiloye’s appeal comes as many pensioners continue to face hardship and financial stress due to delays or non-payment of their retirement benefits.The Contributory Pension Scheme was introduced in 2004 to provide a sustainable pension system for Nigerian workers.
However, the scheme has been plagued by challenges, including corruption and inadequate funding.Oyintiloye’s call for reform is seen as a step in the right direction towards addressing the plight of pensioners.
The APC chieftain’s proposal has been welcomed by many stakeholders, who believe that it would bring relief to pensioners and improve the overall pension system.Key Phrases: Pension Scheme Reform, Contributory Pension Scheme
