Other Welfare Matters
OTHER WELFARE MATTERS
a. A staff of the University shall be considered of retiring service age when the staff has served continuously for at least 10 years. Cessation of appointment before this service length shall be regarded as service withdrawal.
b. A staff of the University may continue in the service of the University after the age of 60 provided he shall produce a certificate of medical fitness by the University Health Centre at that age and every 3 years after and every year after the age of 70.
c. Service after the age of 60 shall normally be under the contract appointment for officers who joined University service before or at the age of 40; otherwise contract appointment begins from age of 50.
Retirement and Pensions Entitlement
i. A staff of Covenant University shall have the right to stop serving the University at any time he/she desires to exercise that right provided notice of cessation of appointment conforms with the provisions of the staff conditions of service.
ii. A staff who has put in a minimum of two years of continuous service shall be entitled to gratuity provided such cessation is not as a result of termination of his/her appointment or dismissal by the University.
iii. An officer’s entitlement at cessation of his appointment shall be paid to him or her only net of whatever cost is outstanding against him t the University, as will be made known to him as soon as notice of cessation is given.
Entitlement Schedule on Appointment Cessation
i. A staff of the University who gives due notice of cessation and whose notice is accepted, shall be entitled to the following gratuity at the expiry of such notice:
a. Minimum of 2 years - 1 month basic pay
b. Between 3 to 4 years - 2 months basic pay
c. Between 5 to 6 years - 4 months basic pay
d. From minimum of 7 years and 9 years – A month basic pay multiplied by number of years served.
e. From minimum of 10 years service, the officer shall be entitled to one month gross pay multiplied by number of years served.
f. From minimum of 15 years service, the staff shall be entitled to one month’s gross pay multiplied by number of years served and shall also be paid additional one month gross pay as long service bonus.
g. Minimum of 20 years service shall be entitiled as in (e) above and shall be paid an additional two months gross salary as long service bonus.
h. After twenty years of service every additional five years of service by a staff shall entitle such staff to an additional one month gross salary as long service bonus.
Every regular staff who has meritoriousoly served the University shall participate and benefit from the contributory Pension Fund as enacted by the Act of National Assembly of the Federal Republic of Nigeria.