PRESS RELEASE—Lagos State government, under the leadership of Governor Akinwunmi Ambode, has released the sum of N838 million to pay accrued pension rights of 141 retirees under the Contributory Pension Scheme for the month of February, 2018.
A statement by Mrs Ajoke Lawal of Public Affairs Unit, Lagos State Pension Commission (LASPEC) said Ambode thanked the retirees for their diligent service to the development of the State and wished them a better life in their old age.
According to the statement, the Governor, who was represented by the Commissioner for Establishments, Training and Pensions, Dr. Benson Akintola Oke at the 48th Retirement benefit Bond Certificate Presentation Ceremony on Wednesday, 28th February 2018 at NECA House, CBD, Ikeja said 8,548 retirees have accrued pension rights of N34,781 billion paid into their Retirement Savings Accounts since the Governor came on board in 2015.
He implored the retirees to put their money in business they could manage and not one that would jeopardize their health.
Dr. Akintola Oke stressed further that the State Government is committed to providing the retirees with incentives that will give them peace of mind in retirement. ”Let me quickly state here with all sense of humility that His Excellency’s focus on payment of pensioners entitlements which has earned the State accolades is borne out of the need to alleviate and eradicate poverty amongst the elderly in our society.
Speaking earlier during the welcome Address, the Director General, LASPEC, Mrs. Folashade Onanuga promised that the payment of the accrued pension rights will continue to be made monthly by this administration. ‘The payment is well structured, very transparent and efficient, and is based on the law of equity. Hence, payment is made without the need for any retiree to follow up as we have all the information we need to ensure payment at the due time, she concluded.
One of the retirees requested for Pensioner’s ID card which he thought would be given to them with their Bond certificate. The D.G assured all the retirees that the Pensioners ID card is work in progress and would be provided as soon as necessary approval is obtained.