The Bauchi state government has inaugurated the newly constituted Bauchi State Contributory Pension Commission, with a charge to reposition the pension system and ensure the welfare of retirees.
The inauguration was performed by the Secretary to the State Government, Aminu Hammayo, who urged the commission to be committed to effective and transparent management of the state’s pension scheme.
He stated that the commission’s core mandate is to guarantee timely payment of retirement benefits, reduce poverty among the elderly, and ensure seamless transition from active service to retirement.
Aminu Hammayo also highlighted the challenges of the old pension scheme, citing inadequate funding and over N630 billion in outstanding liabilities.
He stated that the state government has now adopted a fully funded contributory pension scheme, which mandates both employers and employees to contribute a portion of monthly earnings into the pension fund, a reform that is aimed at restoring sustainability and trust in the pension system.
On his part, the newly appointed chairman of the commission, Mohammed Sabiu Baba, who is a former Secretary to the State Government, assured the governor and people of Bauchi state of the commission’s readiness to discharge its duties diligently.