Lagos Pays N1bn to Retirees

  • Lagos Pays N1bn to Retirees

The Lagos State Government says it has released N1.024bn for the payment of pension entitlements of 183 public service retirees under the Contributory Pension Scheme for the month of March.

A statement obtained on Thursday noted that Governor Akinwunmi Ambode, during the 49th retirement benefit bond certificate presentation ceremony in Ikeja, reiterated his commitment to ensuring the payment of terminal benefits of retired workers.

The governor, who was represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, stated that 8,731 retirees had accrued pension rights of over N35bn paid into their Retirement Savings Accounts from inception of his administration to date.

“Despite the fact that funding obligations are huge, Lagos State is very consistent in payment of pension entitlements due to Governor Ambode’s commitment and diligence,” Oke said.

The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, in her welcome address, stated that the state’s greatest assets were the workers and that their wellbeing, in and out of office, was a priority.

She assured the retirees that the government would keep in touch with them after they must have collected their bond certificates to know how they were faring in retirement.

Onanuga informed the retirees that even on their birthdays, they would get gifts from the state through the Post Service Department in the Office of the Head of Service.

The DG also advised the retirees to make informed decisions on the choice of retirement options of either programmed withdrawal or life annuity for the receipt of their terminal entitlements.

According to the statement, one of the retirees, Mr. John Oladipupo, expressed appreciation to the state government for its consistency in the payment of terminal dues.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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