Lagos Pays N941m to 228 Retirees in November

retirees
  • Lagos Pays N941m to 228 Retirees in November

The Lagos State Pension Commission (LASPEC) has paid another N941 million to 228 retirees of the state government.

The payment was made to those who retired from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals of government for the month of November.

LASPEC Director-General, Mrs. Folashade Onanuga, who disclosed this said the amount was issued as bond and presented to the retirees at the 33rd Retirement Benefit Bond Presentation ceremony in Lagos.

According to her, the administration has, from August, 2015 to date, paid N21.9 billion as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme (CPS).

She urged them to take good care of their health by going for comprehensive check-ups and desist from frivolous spending.

She also advised retirees not to desire quick gains as fraudsters would make offers to defraud them of their benefits.

She reiterated that Lagos Governor, Akinwunmi Ambode, is interested in the welfare of the employees both in and out of office hence, salary and pension issues are given priority.

She further explained that beneficiaries can only choose Programmed Withdrawal benefit option as it is the option tenable presently pending the time, that Life Insurance Companies would open operational account jointly with a Pension Fund Custodian (PFC) to secure the funds for the provider of annuity services.

The retirees commented on the good human relations exhibited by members of staff of the Agency. They gave kudos to the government for making such an office responsible for the elderly with well cultured, humble staff with good disposition.

About the Author

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. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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