Lagos Paid N716.9bn to 169 Retirees in June

retirees
  • Lagos Paid N716.9bn to 169 Retirees in June

The Lagos State Government has credited N716.951m to the Retirement Savings Accounts of 169 of its retirees under the Contributory Pension Scheme for the month of June.

According to a statement, 120 retirees from the State Universal Basic Education Board, seven from local governments and 42 from the mainstream public service benefited from the payment.

The Lagos State Commissioner for Establishments, Training and Pensions, Dr Akintola, Benson, said during the bond presentation ceremony that more than N38bn had been expended on 9,214 retirees from the inception of the Lagos State Governor, Mr Akinwunmi’s administration.

The Director-General, Lagos State Pension Commission, Mrs Folashade Onanuga, said the state government had continued to play a leadership role in the implementation of the CPS in Nigeria.

She advised the retirees not to succumb to any pressure in the choice of annuity or programmed withdrawal benefit options for receipt of monthly pension.

She also hinted that the government was considering the provision of some welfare programmes to give them comfort in retirement.

Also, the state government through the commission said it had paid to beneficiaries of 15 deceased employees insurance benefit worth N40.227m.

This benefit is designed by law to alleviate the immediate needs of family members of the deceased.

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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