Masari submit bill for establishment of contributory Pension Scheme to Katsina Assembly
Gov Masari submit bill for Contributory Pension Scheme to Katsina Assembly
The Katsina State Governor, Rt Hon Aminu Bello Masari has submitted a draft bill for the Establishment of Contributory Pension Scheme to the Katsina State House of Assembly.
This is contained in a letter addressed to the Speaker of the House of Assembly, dated 9th July, 2020 and signed by the Governor himself.
The letter reads in part: “Rt. Honourable Speaker may wish to be informed that the State Government is making effort to establish contributory Pension Scheme for Employees in the Public Service of the State and Local Governments to reflect the provisions of the National Pension Law.
“It is in view of the above that a Bill is drafted to establish the State Government Contributory Pension Scheme for Public Officers in the State and Local Government for your further legislative consideration.
“As we anticipate your expeditious consideration on the request, accept the assurance of our high regards to you and the entire Honorable Members of the State House of Assembly, please.”
The Contributory Pension Scheme, CPS, which commenced in July 2004, seeks to, amongst others, ensure that every worker receives his retirement benefits as and when due.
The CPS is contributory in nature. This means that the employer will contribute 10 percent, while the employee will contribute 8 percent to make up the 18 percent minimum monthly contribution.
An employer may however elect to contribute the entire 18 percent on behalf of its employees.
In addition, voluntary contributions are allowed.