Lagos Releases over N1 m To 177 Retirees
Lagos State Government on Thursday, 7th of March, 2019 has again presented Retirement Benefit Bond Certificates worth One billion, One million and One Hundred and Thirty-Nine Thousand Naira Only (N1,001,139) to 177 Public Service retirees.
The payment made into the retirement savings account of the retirees represents government’s obligations under the discontinued Pay as You Go Pension scheme. From April, 2007, the State had transited to the Contributory Pension Scheme and had consistently remitted contributions into employees Retirement Savings Account.
The Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke who represented His Excellency at the event held at the LASPEC Complex, NECA House, Ikeja stated, that under the administration of Mr. Akinwunmi Ambode, a total number of 10,601 retirees from the Mainstream Service, Local Government/ State Universal Basic Education (SUBEB), Teachers Establishments Training & Pensions Office (TEPO)TEPO and Parastatals of government had received accrued Pension rights of N43,630,874 billion naira.
The Director-General, LASPEC in her welcome address gave words of encouragement to the retirees and advised them to be wary of engaging in business ventures that appear to have high risk.
She made their day when she informed them that the issue of Identification Cards which had been in the pipeline for sometime has been concluded, the issuance of the cards will begin in April, 2019.
The retirees were all appreciative of this development and prayed for this administration and smooth transition.
Also, His Excellency, Mr. Akinwunmi Ambode on the 22nd of February, 2019 signed into law the Amendement of the Lagos State Pension Reform Law which increased the contribution rates under the Contributory Pension Scheme to 18%.
The State Government contributions have now been increased to 10% from 7.5% whilst the employees¡¯ contribution is 8% from 7.5%. This is to make life more comfortable for employees who retire from the State¡¯s Public Service.
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