Lagos pays N3.34bn bond to 580 retirees

Lagos State Government has paid N3.34 billion to 580 public servants who retired from the state public service this year, reiterating its commitment to sustain improvement of workers welfare while in the service and after service.

A total of 395 retirees got N2.4 billion under the second tranche of the 9th batch of the presentation of retirement bond certificates, while 185 retirees paid N943.14 billion in September, under the first tranche of the 9th batch.

Presenting bond certificates worth N2.4 billion to the 395 retirees at the NECA Building Auditorium, the Director-General of the Lagos State Pension Commission, LASPEC, Mr. Rotimi Hussain said the payment of money to the retirees brought the overall figure to N3.34 billion paid to retirees under the 9th batch.

His words:”This particular set of 395 retirees form the second tranche of the 9th batch of our retirement bond certificates presentation, thus bringing ther total number of the 9th batch beneficiaries to 580,” he said. Hussain disclosed that with the presentation, the state government had so far in remitted a total accrued right of N21.375 billion into the Retirement Savings Account, RSA, of 3,884 retirees.

He described the development as historic in the state’s Contributory Pension Scheme. He added”: Let me however at this juncture clarify the issues about the actual number of Lagos State employees that are registered under the Contributory Pension Scheme. I wish to put it on record at this forum, that the number of Lagos State employees under the CPS is 135,000 (one hundred and thirty-five thousand). This number includes employees in the core Civil Service, Tertiary Institutions, Local Government Staff, Teaching Service (TEPO and SUBEB) and Government Parastatals.

“We are pleased to note that despite the large number of employees duly registered by the State approved Pension Fund Administrators (PFAs), the State has never relented in ensuring that monthly remittances are made into the Retirement Savings Account (RSA) of every employee through the State Treasury to the PFAs. LASPEC also has the responsibility of monitoring and ensuring that the remittances sent are received by the PFAs accordingly”. On her part, the state Head of Service, Mrs. Josephine Oluseyi urged the retirees not to venture into businesses that make them lose all they have saved in the rainy days.

She added that Lagos remained steadfast in its commitment at sustaining full implementation of this pension scheme even beyond the present administration as solid and well defined structure had been put in place to ensure that the statutory 5% contribution that goes into the Redemption Fund Account created for the purposes of redeeming the retirement bonds which showed the accrued pension rights for years spent in service prior to the commencement of the Contributory pension Scheme was sustained.

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