Lagos Releases N515m to 252 Retirees

• Lagos Releases N515m to 252 Retirees

The Lagos State government has paid N515 million to another batch of 252 retirees.

Governor Akinwunmi Ambode, represented by the Ministry of Establishments, Training & Pensions Commissioner, Dr. Akintola Benson, made this known at the 41st Retirement Bond Certificate Presentation in Ikeja.

Ambode said the payment of retirees’ entitlements was to ensure that retirees enjoyed their benefits.

He advised the retirees not to put their money into ventures they could not manage.

He said in 24 months, August 2015 to last month, the government through the Lagos State Pension Commission ( LASPEC), had paid N29.6 billion pension into the Retirement Savings Account (RSA) of 6,982 retirees.

He said this was aside the mandatory 15 per cent contributions, which the government remits monthly into the RSA of its employees.

LASPEC Director- General, Mrs. Folashade Onanuga, added that last month, the agency also released insured death benefit cheques of over N30 million to 24 beneficiaries/next of kin-of-deceased employees. He reiterated that the retirees should not use the money on projects, such as building a house that could not be completed.

She emphasised the importance of educating their children. She stressed that while it is good for them to eat the fruits of their labour, it would not be too good if they had to depend on their children for survival. She urged them not to allow anyone force them into opting for a particular exit option, that is Programmed Withdrawal and Annuity; rather, that they should think deeply over any type that will suit them before going for it.