The Lagos State Pension Board have given retirement benefits worth N649m to 119  retirees who have served with the different institutions of the state.

The benefits was paid to retirees from the mainstream civil service, local governments, State Universal Basic Education Board, Teachers Establishment and Pension Office, and other parastatals of government.

This has brought the number of retirees paid between August last year and January this year to 2,409.

READ: Scarcity continues with deregulation

The pension board said, “The total accrued pension rights paid by the state government from August 2015 to January 2016 is N10.652bn. Accrued pension rights are gratuity and pension entitlements due to staff who transited to the Contributory Pension Scheme but had served under the ‘Pay As You Go’ pension scheme dispensation”.

The Director-General, LASPEB, Mrs. Folashade Onanuga, reminded the beneficiaries to take good care of their health and invest the money they were about to collect wisely.

She advised them on wise investment of their money, insisting that they maintain caution in the usage of the funds.