Lagos State has paid over N1 billion to its retirees in April, the Director-General, Lagos State Pension Commission, Mr. Babalola Obilana revealed.
Obilana made this known at the retirement bond certificates presentation ceremony to the 84th batch of the Contributory Pension Scheme (CPS) retirees in Lagos.
“In the hall today, we have a total number of 358 retirees whose pension rights of N1.006 billion have been credited into the Retirement Savings Accounts,” he said.
He noted that the State Government is committed to implementing the CPS in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007, now amended.
Obilana also commended the state governor over the efficient and effective administration of the CPS in the state.
According to him, one of the outcomes is the regular issuance of retirement bond certificates to retirees of the state public service.
He also appreciated the support of the commissioner of establishment, training, and pensions, the state-approved Pension Fund Administrators, and the efforts of the insurance companies at ensuring that all its retirees had unrestrained access to their pension benefits.
At the previous retirement bond certificate presentation ceremony, the state government had promised to consistently prioritize pension contributions in the annual state budget and to retain its position as the only state in the federation that does not owe monthly pension contributions.
“Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.”
“Staff salaries are paid promptly, and pension payments to retirees under the Pay As You Go Pension Scheme are paid monthly, while LASPEC ensures payment of accrued pension rights to retirees under the Contributory Pension Scheme to enable them to access their RSA without delay,” it had stated.