Lagos State Pension Commission has disclosed at the 85th bond presentation in Lagos on Thursday that the state has in two years paid over N32.27bn to 7998 retirees.
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, who reeled this out said the government uninterrupted commitment to the welfare of pensioners drives this.
Obilana stated that this commitment is exemplified in the present administration’ target to successfully conclude the payment of Accrued Pension Rights at the end Governor’s first term so pensioners can receive their entitlements at retirement from the State’s Public Service on a ‘pay as you leave’ basis.
At the presentation ceremony held at the LASPEC Hall, NECA House, Alausa, Obilana said that 329 Retirement Saving Accounts (RSAs) were credited with a total of N1,000,756,297.50 (One Billion, Seven Hundred and Fifty-Six Thousand, Two Hundred and Ninety-Seven Naira, Fifty Kobo) in fulfilment of government’s commitment to retirees’ welfare.
He said the Governor is committed to retiree’s welfare and this is proven by the constant stay of retirees issue in the “front burner” despite all odds. Obilana also told the pensioners that they have the responsibility to make the right choice between annuity and programmed withdrawal and it has to be the choice that suits individual pensioner.