New pension system takes effect July 1, 2026, with Oyo Government contributing 12% and employees 8%.
Oyo State Governor, Seyi Makinde, has approved the immediate implementation of the Contributory Pension Scheme (CPS) for eligible public servants in the state.
Chairman of the Oyo State Pensions Board, Tunji Adekunle, disclosed that the scheme will apply to officers employed into the state civil and public service from January 1, 2025, while full implementation begins on July 1, 2026.
Under the arrangement, the Oyo State Government will contribute 12 per cent, while employees will contribute eight per cent of their salaries, in line with the approved pension structure.
Adekunle also assured that accrued pension benefits for affected workers would be paid promptly upon commencement of the scheme.
The government has directed all Ministries, Departments and Agencies (MDAs) to submit details of employees recruited since January 1, 2025, and nominate Pension Desk Officers to coordinate implementation with the Pensions Board.
All required submissions are expected to reach the Board on or before June 22, 2026, as preparations intensify for the rollout of the new pension scheme.