Lagos Pays N41.8bn Pension Entitlement To 10,286 Retirees
Indications have emerged that about 10,286 retirees of the Lagos State civil service have gotten N41.8 billion pension entitlement from the state government.
The state’s Commissioner for Establishments, Training and Pensions, Lagos State, Dr. Akintola Benson Oke, who revealed this at the 58th edition of Retirement Benefit Bond Presentation ceremony held in Lagos, said the N41.8 billion paid was the total accrued pension rights, that is, entitlements of employees under the Pay As You Go pension scheme which was discontinued in March 2007, but was paid to 10,286 beneficiaries under the administration of Mr. Akinwunmi Ambode in the last 41 months.
The Commissioner stated that government will continue to ensure prompt payment of all the rights and entitlements due to its workforce as a way of motivating them to effectively and efficiently discharge their duties as expected.
He said the state government has never failed to remit monthly contributions into Retirement Savings Accounts maintained by the 13 approved Pension Fund Administrators(PFAs).
The Commissioner also recalled that about two weeks ago, noting that a total number of 137 retirees received Bond Certificates worth N739.9 million, adding that, within a period of three weeks, the Government has brought joy to 276 retirees and payment of N1.3 billion.
He noted that Lagos state has consistently distinguished itself as a leading state in the management of pension and pensioners, hence, has won several awards for excellence in pension administration.
At the event, the state government also presented Retirement Benefit Bond Certificates worth N632.3 million to another 139 Public Service retirees for the month of December.
In her welcome address, the Director General, Lagos State Pension(LASPEC), Mrs. Folasade Onanuga, explained that Lagos State Government has always been in the vanguard of employees’ welfare.
She advised retirees to spend wisely in retirement and take proper care of their health.
