19th July, 2011
The Lagos State Government has reiterated its commitment to the welfare of public servants in the state by ensuring prompt payment of salaries and also the timely payment of retired benefits to workers who have disengaged from the public service.
The Deputy Governor of the state, Hon. Adejoke Orelope-Adefulire who represented the governor, stated this at the presentation of the third batch of retirement bond certificates to retirees under the contributory pension scheme in Alausa, Ikeja.
Hon. Adefulire said the payment of the bonds, which represents the third in the series, said the state government had discontinued the PAYGO scheme because of the inherent bottlenecks that hindered retirees from having prompt access to their retirement benefits.
She added that the State Government adopted the Contributory Pension Scheme as introduced by the Federal Government because the scheme would meet the desired objective of ensuring that retirees receive their retirement benefit as at when due.
She noted that â€œLagos State is the only state where Contributory Pension Scheme is working even beyond expectationsâ€.
While assuring that the government will not relent in its responsibilities to the citizens, Adefulire added that â€œthe Fashola administration shall continue to implement policies and programmes that will guarantee the well-being of the greatest number of our people.
Today, a total of 328 retirees will be receiving their Retirement Bonds. The total Bond value already redeemed into the retirement savings account of the 328 retirees is N2,198,568,804.94.”
The Deputy Governor enjoined the beneficiaries to seek the guidance of their pension fund administrators to ensure that they invest in profitable business that will enhance their investments for their benefits and that of their dependants.
Earlier in his keynote address, the Head of Service of the state, Prince Adesegun Ogunlewe said the state government knows the worth of its workforce and will continue to support schemes and policies designed for their well-being.
He said the initiators of the contributory pension scheme should be commended for their effort, which has brought to an end a situation where pensioners had to queue for days all in a bid to enjoy the fruit of their years of labour.
The Director General of the Lagos State Pension Commission, Rotimi Hassan, said the state government has redeemed more than N3 billion into the retirement savings account of 650 retirees, adding that another set of 240 retirees will enjoy their benefits in the coming weeks.
He assured the gathering that the commission will continue to work hard to ensure that retirees from the state public service enjoy a life of financial independence at old age.
Highlight of the programme was the presentation of bond certificates to the beneficiaries by the Deputy Governor.
The programme was attended by top government functionaries and senior civil servants in the state public service.