The Lagos State Pension Commission, LASPEC, has issued another set of Retirement Benefit Bond Certificates worth N895. 522 million to retirees from the Civil Service, local governments, State Universal Basic Education, and other parastatals in June, 2016.
In a statement, the LASPEC Director-General, Mrs. Folashade Onanuga,said the retirees were presented their bond certificates over the weekend.
Onanuga said the government commenced the monthly payment of terminal entitlements last August and in the last 11 months, N15.445.552 billion was paid to 3,600 retirees.
She said the Commission was inching towards a pension structure that would ensure commencement of pension payment not later than four weeks after retirement. She noted that paying the retirees monthly was part of the agenda for ‘a new Lagos’.
Onanuga, who said that the backlog must be cleared, added that the government would continue to monitor the welfare of retirees from the state’s service despite the fact that payment of their monthly pension was the responsibility of the Pension Fund Administrators (PFAs) or Annuity Service providers.
