LASG pays over N48 billion Accrued Pension Rights

4th Right: Mr Tajudeen Atiko-Balogun(HOS Representative), 4th Left:Mrs Folasade Onanuga(DG LASPEC),3rd Right: Mrs Olufolayo Balogun(PS. CSPO), 2nd Right: Comrade Akeem Kazeem(TUC Chairman),3rd Left: Mrs Folasade Ogunaike(PS METP), Left: Mrs. Olusola  Abisoye(ED. F&I LASPEC)
4th Right: Mr Tajudeen Atiko-Balogun(HOS Representative), 4th Left:Mrs Folasade Onanuga(DG LASPEC),3rd Right: Mrs Olufolayo Balogun(PS. CSPO), 2nd Right: Comrade Akeem Kazeem(TUC Chairman),3rd Left: Mrs Folasade Ogunaike(PS METP), Left: Mrs. Olusola Abisoye(ED. F&I LASPEC)


The Lagos State Government has paid accrued pension rights of over N48 billion naira to over 10, 300 retirees which speaks volume of the premium, the State has paid on her ex-employees.

The Honourable Commissioner, Establishments, Training and Pensions, Dr. Benson Oke Akintola said that, this Government will continue to deliver tangible dividends of democracy in spite of the limited available resources.

He said this while speaking at the 10th Retirement Benefit Documentation Seminar for employees who are due to retire from the Lagos State Public Service between July to December, 2016 on Tuesday, 10th May in Alausa, Ikeja.

The Commissioner, who was represented by the Permanent Secretary, Civil Service Pensions Office, Mrs. Funmilayo Balogun said, “Prompt payment of the monthly salaries and allowances of all active workers by the Lagos State Government will continue to be our focus. This is because Government is ever conscious of the necessity to ensure the well-being of its workforce whose contributions to its achievements cannot be quantified”.

Speaking earlier, in her Welcome Address, the Director General, Lagos State Pension Commission, Mrs. Folashade Onanuga said that the total contributions credited into active employees Retirement Savings Accounts managed by the 10 Pension Fund Administrators approved by the State Government, from April 2007 to March 2016 is approximately N64 billion. The accrued Pension rights of over N48 billion has been paid by the State to over 10, 300 retirees. She said, in essence, Lagos State Government’s funding of employees’ Pension rights under the Contributory Pension Scheme is approximately N112.080 billion naira. Speaking further, she said, the Governor of Lagos State is totally committed to ensuring the best in Lagos State, as far as payment of entitlements are concerned.

She said the State has issued the sum of N13. 701 billion naira to 3,069 retirees from August, 2015 to date. The Commission is set to pay another batch of retirees in this month of May, 2016. According to her, “We thank the Governor and his team for their dedication and steadfastness, despite the myriad of projects competing for the State’s resources”.

She used the medium to appreciate all the Stakeholders who have been partners in progress with the Commission. She believed that they have contributed immensely to the efficient operations of the scheme in Lagos State.

She concluded by appealing to prospective retirees to be wary of pension Fraudsters.

The Retirement Benefit Documentation Seminar is a bi-annual event which is intended to prepare employees who would be retiring, for a life of financial independence. It is also aimed to educate them on how to manage their health in retirement as well as early documentation requirement, amongst others.

 

Lawal, B.A. (Mrs.)

Public Affairs Unit