Lagos State pays 605 retirees N1.25b at 102nd Retirement Bond Certificate Presentation
Lagos State Government has disclosed that it has paid another N1.25 billion pension arrears to 605 retirees, this brings the total paid since 2019 to N57.7 billion to 16,340 retirees.
The commissioner for Establishment and Training Afolabi Ayantayo, at the 102nd Retirement Bond Presentation, said Lagos has maintained its leading role in the administration of the Contributory Pension Scheme (CPS) and payment of pension obligations since its inception in 2007.
He said: “The retirement bond is not merely a token of appreciation; it is a symbol of our enduring gratitude and respect for the years of hard work and dedication you have invested in the State. The bonds you’ve forged, the wisdom you’ve shared, and the legacy you’ve built will continue to inspire us.”
“Let me thank Governor Babajide Sanwo-Olu, under whose administration the government has paid over N57.7 billion to 16,340 retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other government parastatals from May 2019 till date.”
“This month, the government is paying N1.258 billion to 605 retirees alongside their monthly contributions. The government is grateful for your service and we are committed to implementing policies to support the wellbeing of our senior citizens.”
Director-General of the Lagos State Pension Commission (LASPEC) Babalola Obilana noted that the money being paid was for service before the CPS in 2007. According to him, the government plans to clear all the backlogs before the year ends. He said: “The plan is that before the end of this year, we would have settled the accrued arrears and people will start getting their benefits as and when they retire.”
“We started paying 2022 for mainstream, local government and TESCOM. We are however just rounding up 2021 payment for SUBEB because that is where we have the numbers. But we are planning to clear all the backlogs before the end of the year and we start paying people as they retire.
“There are also plans to onboard our retirees into the Lagos State Health Insurance Scheme (LASHMA), popularly known as Ilera Eko. We are awaiting approval from the State Executive Council (SEC) and also planning with the handlers to agree on the number and cost. Hopefully, things would take proper shape before the end of the first quarter.”
Obilana urged the retirees to manage their benefits well, saying, “Life after retirement is a transition from the hustle and bustle of a professional life to the serene embrace of well-earned leisure. Please remember that your contributions will always be cherished, and your impact will endure. Please be wary of fraudsters who prey on vulnerable pensioners. You can reach out to us after this event for any pension-related information or further clarifications.”
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