By Mubarak Mahmood
The Clerk of the Bauchi State House of Assembly Barrister Hauwa Abubakar has reaffirmed her administration’s commitment to staff welfare, capacity building and secure post-service benefits under the Contributory Pension Scheme CPS.
She gave the assurance while chairing an Interactive Session on the Contributory Pension Scheme between pension authorities and Assembly staff on at the Medical and Health Workers Secretariat in Bauchi.
Barrister Hauwa Abubakar described the engagement as a strategic effort to help staff maximize their pension rights through informed participation and appreciated the support of the Speaker Abubakar Sulaiman as well as the Bauchi State Government for sustaining pension reforms.
In his presentation, the Executive Secretary of the Bauchi State Pension Commission Ibrahim Inuwa disclosed that out of over 77,000 civil servants, about 67,000 are eligible, with more than 27,000 registered contributors and 24,000 pensioners receiving about one point eight billion naira monthly.
He explained that the Contributory Pension Scheme is backed by laws enacted by the Assembly, with pension funds managed by licensed Pension Fund Administrators and custodians including First Bank, Zenith Bank and UBA and invested strictly in regulated instruments under the supervision of the National Pension Commission.
Also speaking, the Permanent Commissioner of the Pension Commission Dr. Hayatu Mustapha noting that consistent contributions and compound interest could yield up to twenty four million naira at retirement, far higher than benefits under the former scheme.