By Mubarak Aliyu kobi
Bauchi State Governor Senator Bala Mohammed has inaugurated members and chairman of the Bauchi State Contributory Pension Commission, tasking them with managing the state pension scheme.
The commission’s primary objective according to the Governor, is to ensure effective pension management, reduce poverty among the elderly, and smooth consumption between working years and retirement.
Represented by the secretary to Bauchi state Government Alhaji Aminu Hammayo explained that The old pension scheme had been plagued by huge challenges, including inadequate financial allocation and outstanding liabilities of over N30 billion.
To address this, the state government has introduced a contributory pension plan, which is a fully funded program that requires employers and workers to contribute a certain portion of their monthly wages as savings.
Senator Bala Mohammed highlighted the commission’s responsibilities include providing guidelines and modalities for the operation of the scheme, ensuring timely payment of retirement benefits, and maintaining a database of contributors.
The governor charged the commission to work diligently to achieve its objectives and ensure that the pension scheme is managed in a transparent and efficient manner.
In a remark The Chairman of the Commission who is the former Secretary to Bauchi state Government Alhaji Sabiu Baba assured the Governor of the committee’s readiness to discharge their duties effectively.
Our correspondent Mubarak Aliyu kobi reports that The commission is expected to submit annual reports, audited accounts, and quarterly financial statements to the government, ensuring transparency and accountability in the management of pension funds.
