Bauchi govt inaugurates state contributory pension commission

The Bauchi State Government has inaugurated the State Contributory Pension Commission (PENCOM) to ensure transparent and effective management of pension funds for workers and retirees.

Governor Bala Abdulkadir Mohammed, represented by the Secretary to the State Government (SSG), Aminu Hammayo, presided over the inauguration of the Commission’s Chairman and members on Monday. He emphasized the need for prudent management of the new pension scheme to improve the welfare of retirees and ensure financial sustainability.

The Governor stated that the move was necessary to address the numerous challenges associated with the old pension system, which had accumulated liabilities exceeding N30 billion and suffered from poor funding.

“To resolve this, the state has adopted a contributory pension scheme, a fully funded system where both employers and employees contribute a portion of monthly earnings,” he said.

Governor Mohammed outlined the responsibilities of the Commission, which include setting operational guidelines, ensuring timely payment of retirement benefits, maintaining a comprehensive database of contributors, and promoting transparency and efficiency in the scheme’s administration.

He charged the Commission to operate with integrity and accountability, stressing the importance of earning public trust.

In his remarks, the newly appointed Chairman, Alhaji Sabiu Baba, a former Secretary to the State Government, assured the Governor of the Commission’s commitment to fulfilling its mandate.

The Commission is required to submit annual reports, quarterly financial statements, and audited accounts to the state government to promote transparency and effective oversight.