Lagos state government pays N1.9bn to pensioners

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December 25, 2016 9:08 AM

The total of N1.9bn was paid as their pension rights under the Contributory Pension Scheme (CPS).

Lagos State Governor, Akinwunmi Ambode

On Friday, December 23, 2016, the Lagos State Government presented retirement benefit bond certificates to 495 pensioners.

The bond certificates were issued by Akintola Benson Oke, the Commissioner for Establishments, Training and Pension at the 34th Retirement Benefit Bond Certificate Presentation organised by the Lagos State Pension Commission (LASPEC). According to Oke, this demonstrates the government’s commitment to the welfare of its workers that were out of service.

Commenting on the essence of the pension deductions, the Commissioner stated that “The state government is also very much committed to the regular contribution of the monthly deduction of 7.5 percent from the salary of every employee and the employer’s 7.5 percent. As at October 2016, the total contributions remitted to the PFAs from April 2007 to date is over N75 billion.

“In essence, Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme in a period of nine years is approximately N132.841 billion.”

Also, the Director General of the Lagos State Pension Commission (LASPEC), Folashade Onanuga said that: “The insured death of 320% of the terminal salary of a deceased staff is designed by Law to be paid to alleviate the immediate needs of the family members left behind.

The Estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the CPS.

“This feat is a clear indication that Contributory Pension Scheme is working perfectly well in Lagos State. I want to enjoin all beneficiaries to take very good care of their health, as well as desist from frivolous spending. Do not desire quick gains that would make you fall victims of fraudsters.”

Written by Misthura Otubu

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