Lagos Increases Monthly Pension Contribution & on Track to Clear all Outstanding Accrued Pension
The Honourable Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle, has disclosed that Lagos State Government increased its contribution to staff retirement savings accounts from 7.5% to 10% to enhance their living conditions in retirement.
Mrs. Ponnle, who made this known during a joint appearance with the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, on a Lagos Television programme “Lagos Today”, stressed that the increase in the monthly contribution to the retirement savings of workers is a form of social security intervention by the State Government.
She said: “The Lagos State Government was responsible for contributing 7.5% until Y2020 while the employees contributed 7.5% making a total of 15% in all. However, the present administration has now increased its share of contribution to 10% of the monthly pensionable salary, while the employees now contribute 8% as opposed to the previous 7.5%. What this means is that there is a lot more savings for officers when they retire”.
The Commissioner further stated that the Defined Benefits Pensions (DBP) are paid monthly alongside staff salary, adding that Lagos State Government pays over N170 million every month for DBP.
Emphasising the consistency and commitment of Governor Babajide Sanwo-Olu to the welfare of staff and pensioners, she acknowledged Mr. Governor’s passion for workers and retired public servants.
Also speaking, the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, applauded Governor Babajide Sanwo-Olu’s administration for its commitment to the welfare of pensioners, adding that apart from regular payments of benefits, the State Government ensures that Pension Fund Administrators (PFAs) give priority attention to the State Pensioners.
Obilana said: “Most of the time when retirees complain about their benefits, we take it up immediately with the PFA concerned. This is because the Governor intends to ensure that by the time an officer retires, he gets his retirement benefits”.
He opined that with the way the Sanwo-Olu administration is paying out tranches of backlog, there is a high possibility that by early next year all the outstanding backlog of retirees’ would have been paid.
Read more Lagos State Pension News here
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