Lagos pays N1.52bn to 515 retirees

Lagos pays N1.52bn to 515 retirees

 

Lagos State Government on Wednesday paid N1.52bn to 515 retirees in the state.

The payment was made during the 92nd retirement bond certificate presentation ceremony to retirees of the Lagos State Public Service on Wednesday.

The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, during the event, said, “Furthermore, the sum of N1.52bn only has been credited into the Retirement Savings Accounts of 515 retirees this month, alongside their monthly contributions.”

The commissioner also disclosed that Lagos State Government had paid over N38bn as accrued pension rights to 9,865 retirees in the mainstream, local government, state Universal Basic Board, Teaching Service Commission, and other parastatals of the state government from May 2019 to date.

According to her, the state government recognises the plight of its workers who served in the Lagos State Public Service and the need to safeguard their financial security after service.

“This administration has continually prioritised the prompt payment of the government’s pension obligations within the available limited resources,” she said.

The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, said Lagos State had consistently implemented the Contributory Pension Scheme since its inception in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007 now amended.

He said, “The state government in a bid to secure the future of its greatest asset, the public service, has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS.

Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received, according to the director-general noted.

He said, “The efforts of Mr Governor Babajide Sanwo-Olu and the present administration towards the success of the Contributory Pension Scheme cannot be overemphasised.

“Despite rising recurrent expenditure and the current economic climate, the State Government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible.”

He also said that LASPEC constantly reviews its business processes to ensure first class service delivery to its retirees and accomplish the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.

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