96th Retirement Bond Certificate Presentation: LASG Pays over N1 Billion to 295 Retirees

The Lagos State Government has paid the sum of N1,113,899,432.36 to 295 retirees under the Contributory Pension Scheme.

Speaking at the 96th Retirement Bond Certificate presentation to retirees of the Lagos State Public Service at an event held in Ikeja, the Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle, said the present administration recognises the plight of workers who have served in the State Public Service and the need to safeguard their financial security after service.

This, she said, necessitated the implementation of the minimum wage six months after the new wage bill was adopted as law, just as an amount higher than the recommended figure was approved for payment in response to global and national economic challenges.

“The State Government also implemented the upward review of pension contributions of employee and employer to 8% and 10%, respectively. This is in line with the administration’s vision to cater for its workforce even in retirement’’, the Commissioner explained.

Ponnle also stated that the State Government, through the Lagos State Residents Registration Agency (LASRRA), has launched an upgraded Lagos State Residents Identity Card (LAG ID Card) with benefits such as subsidised healthcare and transport services for retired Public Servants.
She, therefore, enjoined the retirees to register with LASRRA to enjoy the inherent benefits.

“Let me assure you that Lagos State has not forgotten you. Your welfare and wellbeing are top-priority and the State Government is relentless in its pursuit to improve your retirement life”, Ponnle stated.

Advising the retirees to carefully review the retirement savings options available for effective utilisation of their money, the Commissioner urged them to contact the Lagos State Pension Commission (LASPEC) and the Ministry of Establishments, Training and Pensions for clarifications or advice on retirement-benefit matters.

In his remarks at the event, the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, commended Governor Babajide Sanwo-Olu for the constant payment of pension obligations and the various policies initiated to better the lives of senior citizens.

Obilana averred that one of the strategies initiated to accomplish Mr. Governor’s goal of the immediate payment of pension entitlements after retirement from the Public Service is the constant review of the business process by LASPEC to ensure enhanced service delivery to retirees.

He said: “Mr. Governor approved the automation of business processes at the Lagos State Pension Commission to ensure first class service delivery to our dear retirees in order to accomplish the State Government’s goal of immediate payment of pension entitlements upon retirement from the Public Service”

The Director-General also advised the retirees to shun individuals or associations claiming to have affiliation with the State Government or LASPEC to fast-track their pension entitlements, saying: “All enquiries should be directed to LASPEC via our website: www.laspec.gov.ng. Our email address is info@laspec.gov.ng or you can contact us through our official phone numbers with you”.

One of the retirees at the event, Mr. Julius Akinwande from Education District VI, commended Governor Babajide Sanwo-Olu’s administration for the prompt payment of retirement benefits, and LASPEC for making the process easy and effective.

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