Government pays N32.2bn to retirees in 5 years

monjola sotubo

April 22, 2015 3:39 PM

The Lagos State government also added that 6,145 workers had benefited from the payments made into Retirement Savings Accounts.

Lagos State Governor, Babatunde Fashola

The Lagos State government has said that it paid N32.2 billion into the Retirement Savings Accounts (RSA) of its staff between 2010 and 2015.

The government also added that 6,145 workers had benefited from the payments.

The disclosure was made by the Commissioner for Establishment, Training and Pensions, Florence Oguntuase, at a news conference at the weekend.

Mrs Oguntuase said the monthly deduction of 7.5 per cent from employee salary and 7.5 counterpart funding “is now over N16 billion while the employee joint contributions have cumulatively risen to over N57 billion since the inception of the scheme in 2007.”

She also added that the current administration, in association with the state’s approved fund administrators and five insurance companies, had organised seminars for workers in order to prepare them for life after retirement.

monjola sotubo