Lagos Pays N5.8b To Pensioners

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The Lagos State Government has paid N5.8 billion into the account of 1,121 of its civil service retirees.

This was disclosed by the Director General, Lagos State Pension Commission, LASPEC, Mr. Adekunle Hussain, at a pre-retirement seminar for core civil servants and others due to retire between now and June, held at the Adeyemi Bero Auditorium, Secretariat, Alausa in Ikeja, Lagos, southwest Nigeria at the weekend.

The intended retirees where trained on how to utilise the benefits from the new pension scheme.

“The training is important as it will teach workers to come to terms with life in retirement,” he said, saying that in spite of the awareness and enlightenment programmes, workers were still not conversant with the operation of the contributory pension scheme.

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“The pre-retirement seminar has been designed to help workers prepare for their physical, emotional and financial well- being in retirement. Planning for retirement enables you to be in a better position and frame of mind to build a vibrant and rewarding life in retirement,” he added.

According to him, research had shown that workers who attend pre-retirement seminars are better prepared for the change from routine work life and are happier in retirement than their colleagues who do not have the opportunity to attend such programmes.

He said the government had operated within the framework of the pension Reform 2007, by ensuring that immediately salaries are paid, both the seven and half percent contributions by the state government and the deductions from the employees’ salaries are forwarded to the retirement savings account of the employee with the different Pension Fund Administrations, PFAs.

He urged participants to take the training seriously as they would be taught the procedure for processing the retirement bond.

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