Ogun State Government has introduced a new pension initiative aimed at increasing retirement benefits for workers under the contributory pension scheme.

The development was disclosed in a statement shared on the official X handle of the state government.

According to the government, the initiative known as the Additional Pension Benefit, will allow retirees to earn between 116 per cent and 280 per cent of their total annual emoluments, exceeding the federal benchmark.

Governor Dapo Abiodun said the reform is designed to improve pension payments and enhance the welfare of retirees in the state.

“The reform will ensure improved and timely payments, with most retirees receiving higher benefits than under the previous system,” he said.

He added that the scheme includes a one-off lump sum payment while maintaining full pension contributions, which is expected to result in better monthly pensions for beneficiaries.

The government also stated that it has cleared a significant portion of pension backlogs, noting that retirees’ welfare remains a priority.

Stakeholders were quoted as describing the initiative as a sustainable step towards strengthening retirement security in the state.