By Victoria Onehi
The Director General of National Pension Commission (PenCom) Ms. Omolola Oloworaran, has proposed key amendments to the Ondo State Pension Law, including the introduction of a Minimum Pension Guarantee (MPG) to support indigent contributors.
Oloworaran stated this when she led PenCom delegation on a visit to the Governor of Ondo state , Lucky Aiyedatiwa in Akure on Tuesday.
Ms. Oloworaran also advocated for the integration of a Pension Compliance Certificate (PCC) as a mandatory requirement for business licensing, registration renewals, and contract awards within the State. This measure she says aims to enhance compliance and accountability in pension remittances by employers.
Oloworaran in a statement by the Commission is also advocating for an Irrevocable Standing Payment Order (ISPO) to ensure consistent remittances by successive administrations.
Additionally, the PenCom DG raised concerns identified during OSPEC’s last Routine Inspection, urging prompt resolution to improve the State’s pension compliance rating.
Governor Aiyedatiwa promised that the state would address most of the concerns before the next inspection.
Aiyedatiwa extolled the critical role of pension funds in economic development and commended PenCom for its proactive engagement. He reaffirmed his administration’s commitment to the full implementation of the CPS in Ondo State.
The Ondo State Pension Commission (OSPEC) scored 72.44% in state pension compliance during the last Routine Inspection carried out by PenCom.
The Governor expressed his aspiration to improve the State’s pension compliance rating from its current composite score of 72.44% to 95% by the next Inspection as challenged by the PenCom DG.
