Lagos State pays N18.6bn pension to 4,446 retirees

No fewer than 4,466 retirees of the Lagos State civil services were paid N18.598 billion as pension accrued rights by the state government.

The state government, through Lagos State Pension Commission (LASPEC) said the aforementioned sum was paid within 14 months, stating that the beneficiaries are from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pension Office (TEPO) and other parastatals of government.

A statement from LASPEC and made available to Business 247 News Online today, said the beneficiaries, 362 retirees received N1.647 billion for the month of September, 2016.

Reacting to this development, Director-General, LASPEC, Mrs Folashade Onanuga said the payment had been made possible because the Governor, Mr. Akinwunmi Ambode was very much concerned about pensioners’ comfort.

Onanuga, who implored the beneficiaries to take care of their health, warned them to be mindful of pension fraudsters, while encouraging them to live a life of contentment.

Meanwhile, the state government through LASPEC has paid N42.3 billion insurance benefits to deceased employees of its civil service.

Onanuga said the insured death of 320 per cent of the terminal salary of a deceased staff is designed by law to be paid in the first instance to alleviate the immediate needs of the family members left behind. She stated that the estate of the deceased are also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme (CPS).