Lagos State Pension Commission (LASPEC) has said that it paid a total of 222 retirees the sum of N1 billion under the Contributory Pension Scheme.
Babalola Obilana, Director-General, LASPEC said this during the presentation ceremony of Bond Certificates to the 91st batch of retirees, according to information on the social media page of the Lagos State government.
Babalola lauded the effort of the incumbent administration for prioritizing matters concerning retirees, adding that it is the reason pension contributions are among the first line charge in the State’s annual budget.
He said, “The efforts of Governor Babajide Sanwo-Olu led administration towards the success of contributory pension cannot be overemphasised. Despite the numerous local and global challenges, the State government has made continuous efforts to make monthly payments a priority and ensure retirees access their retirement benefits promptly.”
He also said that LASPEC is constantly reviewing its business processes to ensure prompt, first-class service delivery to retirees, adding that the administration is also working tirelessly towards ensuring that all backlogs are paid before the end of 2023.
The DG Lagos State Pension Commission, Mr. Babalola Obilana, has declared that the State Government paid the sum of N1,043,450,492.40 to 222 retirees under the Contributory Pension Scheme.@jidesanwoolu @drobafemihamzat @PENSIONATPEACE#LASG
Read more: https://t.co/4d7DJyduFu pic.twitter.com/hzef0iHvXh
— The Lagos State Govt (@followlasg) February 11, 2022
What you should know
- LASPEC is established by the Lagos State Contributory Pension Scheme law 2007 as a corporate entity to regulate, supervise and ensure the effective administration of pension matters in the Lagos State Public Service.
- The introduction of the body was informed by the challenges associated with the Defined Benefit scheme.
- According to LASPEC on its website, Lagos State is the first state in Nigeria to commence the new scheme with the signing into law on 19th March 2007 of the Lagos State Pension Reform Law 2007 and eventual commencement in July 2009.