Lagos motivates workers with N80bn payments into RSAs

Determined to improve the wellbeing of workers in the state, the Lagos State Government said a total of N80billion has been paid into the Retirement Savings Accounts (RSAs) of its workers since the state embraced the Contributory Pension Scheme (CPS) in 2007.

This was revealed at the 13th Retirement Benefits Documentation Seminar organised by the Lagos State Pension Commission (LASPEC) in Lagos, adding that the amount excludes remittances from parastatals.

The Director-General, LASPEC, Folashade Onanuga, who disclosed this, said in the last 25 months, the Government had paid accrued pension rights of approximately N30.658billion into the RSA of 7,522 workers, adding that the state remains the only state in the federation that is up to date in its monthly remittances into serving employees’ RSA.

She argued that in the last two years, the state under the leadership of Governor Akinwunmi Ambode, had witnessed dramatic changes, as it is the Government and LASPEC’s desire to see that retirees in the state lived comfortably in retirement.

She urged the future retirees to begin to think what they could do to keep themselves busy in retirement, while encouraging them to commence voluntary pension contributions so that they would have something to fall back on before they begin to draw from their pension benefits.

Similarly, the State Government has approved the release of N710million for another batch of 153 retirees for the month of October, according to Governor Ambode at the 44th batch of the Retirement Benefit Bond Certificate presentation in Lagos.