Head of Service tasks committee on life assurance scheme on best practices
She mandated the committee to strengthen the operation of the scheme and ensure the full realisation of its overall objectives and goals.
Yemi-Esan said this during the inauguration of the Committee in Abuja.
She urged the members to advise objectively in line with global best practices to promote the welfare of workers.
“Your appointment to serve on this Committee is based on conviction that you are individuals who possess sound judgment, integrity and the requisite experience to advise objectively in line with global best practices for the seamless implementation of this very important component of welfare programme for Civil Servants,” she stated.
The Terms of Reference of the committee included developing the guidelines for implementation of the Group Life Assurance Scheme, advise on the development of a database for the Group Life Insurance and updating, explore opportunities for utilisation of premium paid by Government for Public Servants before death, streamline activities of insurance Companies and Pension Administration and any other item that would enhance the smooth operation of the Scheme.
The Committee is expected to submit its report within five (5) weeks from the date of inauguration.
Speaking on behalf of the committee, a retired Permanent Secretary and member of the Committee, Yemi Adelakun promised to deliver a quality report within the specified period.
Members of the Committee included the Permanent Secretary (SWO), OHCSF as Chairman; Director (ERW); OHCSF – Member; Director (ODD), OHCSF – Member; Director (IPPIS), OHCSF – Member; Director (EM), OHCSF -Member; Rep. of House Committee on Insurance and Actuarial Matters –Member; Rep. of Accountant-General of the Federation-Member; Rep. of PenCom -Member; Rep. of NAICOM –Member; Rtd Permanent Secretary-Member; Rtd Director (ERW) –Member and Deputy Director (Benefits Administration), OHCSF- Secretary.
The Pension Reform Act 2004, section 9 sub-sections 3, repealed in 2014 provides that every Employer shall maintain a Group Life Insurance Policy in favour of each employee for a minimum of three (3) times the total annual emolument of the employee, and the premium shall be paid not later than the date of commencement of the cover.
The Federal Executive Council on 20th February approved that Head of Civil Service of the Federation to coordinate the procurement of Group Life Assurance Cover service-wide.
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