Pension

Lagos Approves N13billion Baliout Fund For Pensioners

BY NKECHI NAECHE–ESEZOBOR--Poised to improve the welfare of retirees under the Contributory Pension Scheme  (CPS), the Lagos State Government said it has approved N13billion pension  baliout to enable it settle all outstoutstanding backlog of pensioners in the state.


The Director General of Lagos State Pension Commission (LASPEC), Folashade Onanuga, disclosed this today at the 72nd retirement benefit  bond certificate presentation ceremony held at its office in Alusa, Ikeja, that in the last few months the state has been making fund available to the Commission to pay all due retirees.

She said that the backlog of SUBEB and local government have dragged  the commission backward a little bit but with the baliout fund approved by the state governor, the story has changed for the better.
The commission also disclosed that the 5 percent funding rate which was insufficient for the state to pay retirees benefits has been increased to 10 per cent by the state governor to enable the commission pay all outstanding benefits to retirees of the state.
Accorfing to her pension law approved for 5 percent funding rate but to enable  the state close the gap in the outstanding benefits the state has approved 10 percent funding rate.

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