Lagos pays 644 retirees N2bn pension

Bisola David
Bisola David
Lagos pays 644 retirees N2bn pension

The Lagos State Government has paid 644 retirees a total of N2.017 billion in retirement payments.

According to the National News Agency of Nigeria, the Director-General of the Lagos State Pension Commission, Babalola Obilana, made the statement on Wednesday during the distribution of the 101st batch of Retirement Bond Certificates to pensioners in Lagos State.

According to him, the payment made on Wednesday represented the retirement benefits accrued to these pensioners prior to the implementation of the Contributory Pension Scheme in 2007.

Obilana emphasized the importance of the event, which intended to acknowledge and recognize outstanding retirees who had given their time, energy, and abilities to serving Lagos State.

“It is an honour to recognize and commend the retirees’ hard work and dedication to Lagos State throughout their years of service.” This retirement bond certificate presentation is more than just a formality; it is an opportunity to reflect on the extraordinary contributions you have all made.”

The Permanent Secretary of the Lagos State Ministry of Establishments, Training, and Pensions, Olawale Musa, praised Governor Babajide Sanwo-Olu for prioritizing the well-being of public servants, even after retirement.

Musa advised retirees to be prudent in handling their funds and to make informed decisions when contemplating investment options.

He also reassured the pensioners that they may contact LASPEC or the ministry for any pension-related questions or clarifications.

“I congratulate our retirees on their exceptional contributions and unwavering dedication to the development of Lagos State, and I wish them a retirement filled with joy, fulfilment, and new experiences,” Musa said.

Since April, the Lagos State Government has acknowledged payouts of more than N50.7 billion to 13,928 retirees from 2019 to the present.

Governor Babajide Sanwo-Olu of Lagos State issued an executive order in September 2020 authorizing a 33% increase in payments for all state retirees participating in the Defined Benefits Scheme (Pay as You Go), which went into effect on January 1, 2020.

Furthermore, he authorized the payment of the remaining 25% of the rent allowance to retired officials of Grade Level 07 and above who retired between May 2000 and August 2004. 

The implementation of both the increment and the payment of outstanding allowances was affirmed to commence in September 2020.

This decision aimed to align with the broader harmonization process aimed at benefiting pensioners in the state.

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