Lagos State Government on Tuesday presented retirement benefit worth One Billion, Two Hundred and Twenty Million naira, N1.220bn to two hundred and eighty-six, 286 beneficiaries of its Retirement Bond Certificate Presentation; thereby making the total accrued pension rights already paid to 8,252 retirees under the administration of Mr. Akinwunmi Ambode in the last 30 months to Thirty-Three Billion Naira, N33bn.
Disclosing this today at the 46th edition of the periodic Retirement Benefit Bond Certificate Presentation Ceremony held at NECA House, Alausa, Ikeja, the wife of the State Governor, Mrs. Bolanle Ambode said that the State Government will continue to ensure prompt payment of all rights and entitlements due to its workforce as a way of increasing the morale of workers to effectively discharge their duties as expected.
She added that the fact that the state government has made the payment of Monthly pensions of staff a top priority made it won several awards on pension matters over the years.
She appealed to the beneficiaries to spend their entitlements wisely and avoid frivolities, saying that this stage of their lives require them to take things easy and avoid activities that will put their health in jeaorpardy
The Commissioner for Establishments, Trainings and Pensions, Dr. Akintola Benson Oke, disclosed that the total accrued pension rights previously paid before the administration of Mr. Akinwunmi Ambode, in 2015 amounts to N33, 645 billion for 7,409 retirees, adding that since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010, the State has paid accrued pension rights of over N66.6billion to more than 15,671 retirees and withdrawn staff.
While saying that the state government is very committed to the regular contribution of the monthly deduction of 7.5 percent from the salary of every employee and the payment of the employers’ 7.5 per cent contribution, Dr. Benson Oke said that “as at November, 2017, the contributions remitted to the Pension Fund Administrators, PFAs from April 2007 to date is about N83 billion naira. In essence, the Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme in a period of 10 years is about N150 billion.
Also speaking at the Presentation Ceremony, the Director-General of Lagos State Pensions Commission, LASPEC, Mrs. Folashade Onanuga, assured the retirees as well as the entire workforce of the State Government that structures are already on ground in the pension transitional agencies namely; Teachers’ Establishments Pensions Office, Civil Service Pensions Office, CSPO and Local Government Pensions Board to ensure that retirees under the discontinued Pay As You Go Pension get their pensions monthly at the same time salaries are paid to workers who are still in active service.
She further stated that the commitment of the State Governor, Mr. Akinwunmi Ambode to workers’ welfare is evident in consistently ensuring that Pension contributions are given a first line charge treatment against the State’s consolidated revenue.
Onanuga informed that the Retirement Bond Certificate which represents the accrued pension rights made up of gratuity and pension entitlements for active service rendered before the commencement of the Contributory Pensions Scheme, CPS in 2007 will be presented to a total number of 286 retirees at the cost of N1.220billion on the part of the State Government.
In her words, “let me quickly remind you that it was the 18th Bond Certificate Presentation that was held when Governor Ambode assumed office in May 2015 and today, we are paying the 46th Batch. Within a period of two years and 6 months, 28 Bond Certificate Bond Presentations have taken place and total number of beneficiaries within the 30months period is 8,262. In addition to this, the state government has paid insurance benefits of N325M from August 2015 November, 2017 to 104 beneficiaries of named deceased employees.”
According to the Director-General, the target of the state government is to ensure that in no distant future, its employees get their pension rights almost immediately as they exit the service of the state government.
Public Affairs Officer,