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Lagos government pays N1.9 billion to 495 retirees


Mrs. Folashade Onanuga

Mrs. Folashade Onanuga

The Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, has disclosed that a sum of N1.9billion has been paid into Retirement Savings Account of 495 retirees.
Speaking during the 34th Retirement Benefit Bond Certificate presentation in Lagos last week, she also stated that ‘the state government through the Commission has paid to the named beneficiaries of deceased employees, insurance benefits worth the sum of over N114 million.

She further said the Commission is set to pay another N56.1million death benefit today, bringing the total to approximately N170 million. From mid 2010 till date, a total number of 12,426 retirees have received their retirement benefits.

According to her, the unflinching commitment and support of the state government to the sustenance of the Contributory Pension Scheme is to ensure comfort for our retirees and give them a life of financial empowerment.
She said, “the State Government, you will agree with me has never missed out in the payment of monthly contributions into your Retirement Savings Account.  The Lagos State Government has continued to play a leadership role in the implementation of the Contributory Pension Scheme in Nigeria. A lot of investments have been made in terms of ICT infrastructure to create an e-environment to ease Pension Scheme administration.”
On his part, the Commissioner for Establishments, Training and Pensions, Dr Akintola Benson Oke, noted that ‘the state government is very much committed to the regular contribution of the monthly deduction of 7.5 per cent from the salary of every employee and the payment of the employers 7.5 per cent contribution.As at November 2016, the total contribution remitted to the PFAs from April 2007 to date is over N75billion.       

“We have in place, a highly automated pension administration system, a crop of efficient, professionally qualified and well-trained staff to attend to the needs of contributors and retirees. The Commission is committed to the standards it has set for itself in the best interest of the workers in Lagos State.”
“The insured death of 320 per cent of the terminal salary of a deceased staff is designed by law to be paid to alleviate the immediate needs of the family members left behind. The estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before commencement of the Contributory Pension Scheme,” Onanuga added.

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