The Niger State Government has increased by three percent its counterpart funding of the Contributory Pension Scheme (CPS) of the state’s workers. This was contained in a new bill passed by the State House of Assembly and signed into law last week by Governor Abubakar Bello. According to a statement on Tuesday by the governor’s spokesperson, Jibrin Ndace, the state government will henceforth contribute 10.5 per cent, as against the 7.5 per cent approved in 2007 when the scheme started, while the employees will continue to contribute 7.5 per cent.
Mr. Ndace said the government’s gesture was aimed at increasing the saving base of workers at retirement. He said, however, that only workers engaged in 1993 till date will benefit from the new scheme, while those employed earlier will remain in the old pension scheme. He said also that employees engaged after the signing into law of the amended pension Act would be required to contribute 8 per cent while government would contribute 10 percent.
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