Ogun State Unveils Up to 280% Pension Boost for Retirees

The Ogun State Government has introduced the Additional Pension Benefit (APB) under the Contributory Pension Scheme. Retirees will receive between 116% and 280% of their Total Annual Emoluments as a one-off lump sum at exit. Cheques worth ₦17m to ₦22m were presented to 111 beneficiaries in the first phase. Unlike the old system, APB replaces the 25% RSA lump-sum deduction and leaves full contributions to grow for higher monthly payouts. The state also cleared over ₦42bn in unpaid liabilities, paid ₦26.35bn in gratuities, ₦5.89bn in CPS arrears and ₦3.19bn in remittances. Labour leaders, pension administrators and pensioners’ unions have praised the move as a model reform. The initiative bridges the gap between the Defined Benefit Scheme and CPS, delivers timely payments and strengthens retirees’ financial security.

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