The Lagos State Government has paid accrued pension rights totalling N48 billion naira to over 10, 300 retirees to underscore its committement to improve the welfare and well being of former staff.
The Commissioner, Ministry of Establishments, Training and Pensions, Dr. Benson Oke Akintola, who stated this on Tuesday while speaking at the 10th Retirement Benefit Documentation Seminar for employees who are due to retire from the Lagos State Public Service between July and December, 2016 at Alausa, Ikeja, said the State Government will continue to deliver tangible dividends of democracy in spite of the limited available resources.
Dr. Akintola, represented by the Permanent Secretary, Civil Service Pensions Office, Mrs. Funmilayo Balogun said, “Prompt payment of the monthly salaries and allowances of all active workers by the Lagos State Government will continue to be our focus. This is because Government is ever conscious of the necessity to ensure the well-being of its workforce whose contributions to its achievements cannot be quantified.”
Speaking earlier, the Director General, Lagos State Pension Board, Mrs. Folashade Onanuga said that the total contributions credited into active employees Retirement Savings Accounts managed by the 10 Pension Fund Administrators approved by the State Government, from April 2007 to March 2016 is approximately N64 billion.
She restated that the accrued pension rights of N48 billion paid by the present administration to over 10, 300 retirees has increased the total amount remitted by the State Government as employees’ pension rights under the Contributory Pension Scheme to N112.080 billion naira.
While commending the Ambode led administration for its dedication and steadfastness despite the myriad of projects competing for the State’s resources, the LASPEC boss used the occasion to thank all the stakeholders who have, in one way or another, contributed to the efficient operations of the scheme in Lagos State.
The Retirement Benefit Documentation Seminar is a bi-annual event which is intended to prepare employees, retiring from the civil service, for a life of financial independence, as well as educate them on how to manage their health in retirement.