The Lagos State Government last week presented N,001,139 worth retirement benefit bond certificates to 177 retirees bringing the number that have benefited under this administration to 10,601.
A statement by Mrs Ajoke Lawal of Public Affairs Unit, Lagos State Pension Commission (LASPEC) said the payment was into the retirement savings account of the retirees represents government’s obligations under the discontinued Pay as You Go Pension scheme, adding that from April, 2007, the State had transited to the Contributory Pension Scheme and had consistently remitted contributions into employees Retirement Savings Account.
The Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke said a total number of 10,601 retirees from the Mainstream Service, Local Government/State Universal Basic Education (SUBEB), Teachers EstablishmentsTraining & Pensions Office (TETPO) and Parastatals of government had received accrued Pension rights of N43,630,874 billion naira.
The Director-General, LASPEC Folashade Onanuga advised them against high risk business venture as he disclosed that that the commission would begin to issue identity cards to them from April.
Governor Akinwumi Ambode on 22 February signed into law the Amendement of the Lagos State Pension Reform Law which increased the contribution rates under the Contributory Pension Scheme to 18 per cent.
This increased the State’s contributions to 10 per cent from 7.5 per cent whilst the employees’ contribution is now 8 per cent from 7.5 per cent.
This is to make life more comfortable for employees who retire from the State’s Public Service.
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