Edo, 8 Other States Ranked Best Performing in Pension Payment, as Families of Deceased Workers Receive N328bn
- A new Pencom report has placed Edo State as the leading Nigerian state when it comes to paying workers' pensions in 2022
- The state was ranked based on the implementation of the Contributory Pension Scheme (CPS)
- Also, the report showed that the families of deceased workers had received a total of N328 billion in benefits
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The National Pension Commission (PenCom) has ranked Edo State as the best among the leading nine states that effectively remitted employees’ and employers’ pensions in 2022 under the Contributory Pension Scheme (CPS).
PenCom's website published its fourth-quarter report, which included the status of CPS implementation in Nigerian states as of December 21, 2022.
Source: UGC
Top performing states in pension remittance in 2022
According to PENCOM, the top-performing states were:
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- Edo
- Anambra
- Benue
- Delta
- Ekiti
- Federal Capital Territory (FCT), Abuja
- Kaduna
- Lagos
- Ondo
- Osun States
Why Edo was ranked top
PenCom noted that Edo State implemented the CPS in February 2017 after enacting the Edo State Contributory Pension Scheme Law in 2010, and it established the Edo State Pension Bureau to oversee the scheme's implementation.
It, however stressed that three self-funded agencies and 18 local government councils are yet to register their employees with Pension Fund Administrators (PFAs).
Part of the report noted:
"Edo State remits 10% employer and 8% employee pension contributions, conducted an actuarial valuation, and has a valid Group Life Insurance Policy."
"Additionally, it has opened a Retirement Benefits Bond Redemptions Fund Account with a PFA and is funding the Accrued Pension Rights of the State public service employees."
FG and companies pay N328bn in pension benefits to families of deceased workers
PenCom, in the report, also revealed that N328 billion had been disbursed as death benefits to the families of 86,610 deceased public and private workers since the inception of CPS.
A breakdown shows the families include 56,806 deceased employees in the federal government, 8,357 in the state government, and 21,447 in the private sector.
States with the highest IGR growth, 18 below the national average
In another report, Legit.ng provided insight into the Internally Generated Revenue of states in Nigeria over the last six years.
The IGR growth is based on the value and percentage increase in revenue generated by the states.
IGR indicates an improvement in the economic outlook of states and less dependence on federal allocation.
Source: Legit.ng
