Lagos State Government contributes N54.04bn to CPS
The Lagos State Government has contributed a sum of N54,040,125,941.60k 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 all employees with the Pension Fund Administrators (PFAs) under the Contributory Pension Scheme from inception till date.
This was disclose by the Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain during the 14th presentation of Retirement Bond Certificates worth N1,791,702,841.73k to a total of 319 dutiful, resourceful and committed retirees of the State Public Service.
Mr. Hussain stated that the ceremony was specially designed by the Lagos State Government to celebrate and express appreciation to the retirees for showing great commitment and dedication to the service of the State whilst still in service.
He said, “This is regularly done in fulfillment of His Excellency, Mr. Babatunde Raji Fashola, SAN administration’s uncompromising commitment at ensuring that every worker who retires from the State Public Service gets his/her retirement benefits with relative ease”.
The LASPEC boss stated that with the 14th Retirement Bond Certificate presentation ceremony, the administration of Governor Babatunde Raji Fashola, SAN has within the limited resources available been able to pay a total sum of N28,931,971,078.06k to 5,530 retirees, a feat that is yet to be matched by any state in the Federation. This according to him is a consolidation of the State Government’s cherished commitment to making life worthy of living for its workers at retirement.
Mr. Hussain assured all the retirees that the total value on the bond which represents the past service benefits accrued to each beneficiary has already been remitted into their respective Retirement Savings Accounts (RSA) with the Pension Fund Administrators (PFAs) in addition to the 7.5 per cent employees’ deductions and 7.5 per cent employer’s counterpart monthly contributions since inception of the scheme.
While assuring the retirees of the safety and transparency of the funds contributed towards the scheme, Mr. Hussain said that the Lagos State Pension Commission and other Stakeholders in the pension industry would remain committed to the well-being of every worker who retires from the State Public Service and shall not relent in their efforts at ensuring that every worker gets his/her retirement benefits under the Contributory Pension Scheme as at when due.
He said, “Gone are the days when retirees languished in the rain and in the sun in the quest of getting their legitimate rights. The Pension Reform Act 2004 which was recently amended with the Pension Reform Act 2014 will further improve administration of pensions in the entire country and bring utmost benefit to everyone”.
Press & Public Relations Officer