11th Batch-B Bond Ceremony

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Lagos pays 4,990 retirees N26.21bn under CPS

About 4,990 employees who retire from the Lagos State Public Service under the Contributory Pension Scheme have so far received N26,216,496,307.69K (Twenty-Six Billion, Two Hundred and Sixteen Million, Four Hundred and Ninety-Six Thousand, Three Hundred and Seven Naira, Sixty-Nine kobo only) from 2010 till date.

This was disclosed by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, during the presentation of Retirement Bond Certificates worth N1,786,667,297.09k (One Billion, Seven Hundred and Eighty-Six Million, Six Hundred and Sixty-Seven Thousand, Two Hundred and Ninety-Seven Naira, Nine Kobo only) being the past service benefits, to 354 retirees of the second and concluding tranche of the 11th batch of beneficiaries, in Lagos.

Mr. Hussain who recalled that 437 retirees were earlier paid a sum of N1,723,737,915.59K (One Billion, Seven Hundred and Twenty-Three Million, Seven Hundred and Thirty-Seven Thousand, Nine Hundred and Fifteen Naira, Fifty-Nine Kobo only) during the first tranche presentation in April, confirmed  that the State Government has paid a total sum of N3,510,405,212.68k (Three Billion, Five Hundred and Ten Million, Four Hundred and Five Thousand, Two Hundred and Twelve Naira, Sixty-Eight kobo only) to 791 retirees, under the two tranches of the 11th batch.

 

While acknowledging the avowed commitment of the administration of Governor Babatunde Raji Fashola (SAN) at ensuring that no employee in the State Public Service retires into penury, the LASPEC boss said, “It is gratifying to recognise the fact that Governor Babatunde Raji Fashola’s administration has continually exhibited high sense of responsibility and commitment to the Contributory Pension scheme”.

 

He stated further that the State has from inception of the scheme till date, contributed N51,640,229,895.03k (Fifty-One Billion, Six Hundred and Forty Million, Two Hundred and Twenty-Nine Thousand, Eight Hundred and Ninety-Five Naira, Three Kobo only) being the monthly deduction of 7.5 per cent from the salary of every employee and the counterpart 7.5 per cent contribution by the State Government into the Retirement Savings Account (RSA) of every employee with the Pension Fund Administrators (PFAs).

 

Hussain said that the achievement by the State Government has further brought to fore, the benefits and advantages inherent in the Contributory Pension Scheme as against what was obtainable under the Old Pay-As-You-Go Scheme, adding that the implementation of the CPS especially in Lagos State has proven to every doubting Thomas that the scheme really works.

He emphasized that the Contributory Pension Scheme has been found to be safe, fully funded, portable, transparent, convenient, ensures instant payment of lump sum and guarantees payment of retirement benefits to the Next-of-Kin even when the main beneficiary has passed on.

In her goodwill message, the Head of Service, Mrs. Josephine Williams, advised the beneficiaries to live within their means and should not be involved in any unfamiliar business which could make them fall victim to fraudsters.

She also enjoined the retirees to always relate with the Post Service Department whose major role was to ensure that the welfare of retirees is given its pride of place and priority.

 

Taofeek Lawal

Press & Public Relations Officer.