25th July, 2011
The Lagos State Government has presented retirement bond certificates worth N2.2 billion to newly retired civil servants in the state.
This is under the Contributory Pension Scheme which was introduced three years ago.
Governor Babatunde Fashola, who presented the bond certificates to the retirees said, till date, the state had issued retirement bonds to 650 retirees with a total value of N3.5 billion.
He stated that many of the retirees had received their lump sum and had started receiving their monthly pension dues which is credited into their personal bank accounts not later than the 26 of every month.
Fashola said that after the introduction and adoption of the Contributory Pension Scheme by the Federal Government in June 2004, Lagos State studied the working of the scheme critically, considered the pros and cons, noting that it was designed to be fully funded and concurred that where there was commitment, the scheme would meet the desired objective of ensuring that retirees received their retirement benefit at the appropriate time.