Lagos gov’t pays N8.7bn to retirees in 6 months

The Lagos State Government said it paid over N8.7 billion Accrued Pension Rights to 2,309 retirees from its public service between January and June.

The Director-General of the Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, disclosed this in a statement in Lagos.

Obilana said that the accrued pension rights of the 2,309 retirees had been credited into their Retirement Savings Accounts (RSA).

The Director-General said that Lagos state remained exceptional in prompt payment of accrued pension rights to its retirees.

“The decision of Gov. Babajide Sanwo-Olu is that accrued pension right should be paid timely,” he said.

Obilana said that over N978 million was credited into the Redemption Savings Account (RSA) of 405 retirees in June.

” In compliance with the COVID-19 protocols and in order to ensure safety of all beneficiaries, Retirement Bond Certificates presentation will not hold.

“All Retirement Bond Certificates for June have been released to Pension Fund Administrators (PFA’s) who will invite beneficiaries in their tens for the exit meeting.

“The PFAs will also grant access to their RSA for the computation of their lump sum and monthly pension, ” he said.

According to Obilana, prompt payment of pensions and welfare of retirees remains the focus of LASPEC.

He said that the government would continue to deliver tangible dividends of democracy to all and sundry in the state. (NAN)