Retirees in Lagos State who have pension rights of N1.006 billion have been paid by the state government, as disclosed by the Director-General of the Lagos State Pension Commission, Babalola Obilana.
He said this at the presentation of retirement bond certificates to retirees that made up the 84th batch of the state’s Contributory Pension Scheme (CPS).
Obilana noted that the state was prompt in the payment of pension, as it complied with the Lagos State Pension Reform Law of March 19, 2007.
He said, “In the hall today, we have a total number of 358 retirees whose pension rights of N1.006 billion have been credited into the Retirement Savings Accounts.”
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The DG commended stakeholders for prioritising pension contributions, positioning the state ahead of other states in the regular payment of pensions.
“Staff salaries are paid promptly, and pension payments to retirees under the Pay As You Go Pension Scheme are paid monthly, while LASPEC ensures payment of accrued pension rights to retirees under the Contributory Pension Scheme to enable them to access their RSA without delay.”
The state government noted, “Both employee and employer’s contributions are remitted promptly into individual employees’ Retirement Savings Accounts after salaries are received.
