Lagos pays N41.8bn to 10,286 retirees in 41 months

The Lagos State Government has presented retirement benefit bond certificates worth N41.812 billion to 10,286 retirees in the last 41 months.

Commissioner for Establishments, Training and Pensions, Dr. Benson Oke disclosed this on Tuesday at the presentation of retirement benefit bond certificates worth N632,333,236.90 to another 139 public service retirees for the month of December.

Majority of those paid were from the State Universal Basic Education Board (SUBEB).

The total accrued pension rights of employees under the Pay As You Go pension scheme which was discontinued in March 2007, paid to 10,286 beneficiaries under the administration of Mr. Akinwunmi Ambode in the last 41 months is now N41.812 billion.

The Commissioner stated that government would 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 had never failed to remit monthly contributions into Retirement Savings Accounts maintained by the 13 approved Pension Fund Administrators.

The Commissioner also recalled that about two weeks ago, a total number of 137 retirees received Bond Certificates worth N739,993,596.69.

“So, within a period of 3 weeks, the government has brought joy to a total number of 276 retirees and payment made is N1,372,326,833.59,” he said.

He noted that Lagos State had consistently distinguished itself as a leading State in the management of pension and pensioners.

Director General, Lagos State Pensions Commission, LASPEC, Mrs. Folasade Onanuga explained that the government had always been in the vanguard of employees’ welfare.

“Mr. Akinwunmi Ambode has not derailed in his promise to give priority to the issue of workers’ welfare.”

She advised retirees to spend wisely in retirement and take proper care of their health, while opining that they were at the evening stage of their lives and that as such, their relationship with God was very key.