Article highlights
- Ponnle said that the N50.7 billion payments were made to retirees in the Mainstream, Local Government, State Universal Board, Teaching Service Commission and other Parastatals of the State Government.
- She noted that Governor Sanwo-Olu’s administration has been consistent in the payment of pension obligations to its retirees thereby maintaining its leading role in the administration of the Contributory Pension Scheme.
- She also said the state government is currently working on some reforms based on global best practices to reduce post-retirement financial difficulties.
The Lagos State Government says that it has paid more than N50.7 billion to 13,928 retirees from 2019 to date.
This was made known by the Lagos State Commissioner for Establishment, Training and Pensions, Ajibola Ponnle, during her address at the 100th Retirement Bond Certificate Presentation Ceremony organised by the Lagos State Pensions Commission (LASPEC) and held today in Ikeja.
The Commissioner, who was represented at the event by the Permanent Secretary, Office of Establishments and Training, Mr. Olawale Musa said the payments were made to retirees in the Mainstream, Local Government, State Universal Board, Teaching Service Commission and other Parastatals of the State Government.
Lagos leads in contributory pension scheme administration
Ponnle also disclosed that the State Government has paid accrued pension rights of N5 billion into the Retirement Savings Accounts of 1,768 retirees alongside their monthly contributions.
Whilst noting that the present administration has been consistent in the payment of pension obligations to its retirees thereby maintaining its leading role in the administration of the Contributory Pension Scheme, Ponnle affirmed that the Bond Certificates presentation ceremony was a testament to the State Government’s faithfulness in the performance of its obligations to retirees.
The Commissioner said that the State Government was grateful for the diligence and commitment of the retirees whilst in active service, declaring that it is the recognition of the need to protect their retirement benefits that informed the implementation of the Contributory Pension Scheme.
Lagos to reduce post-retirement financial difficulties of retirees
Ponnle pointed out that the Lagos State Government is currently working on some reforms based on global best practices to reduce post-retirement financial difficulties.
Whilst appreciating the retirees for their efforts in ensuring the return of the Administration of Mr. Babajide Sanwo-Olu for his second term in Office, Ponnle averred that the State Government is committed to building an environment that is safe and secure for all residents, adding that it would continue to raise the bar of governance to improve the livelihood of all citizens.
What you should know
- In a related development the Lagos State Governor, Babajide Sanwo-Olu, had in September 2020, approved a 33% increase for all state pensioners under the Defined Benefits Scheme (Pay as You Go) with effect from January 1, 2020.
- He has also approved the payment of a balance of 25% rent allowance for officers on Grade Level 07 and above, whose retirement took place between May 2000 and August 2004.
- Ponnle had affirmed that both the increase and payment of the arrears would take effect from September 2020, in a bid to meet up with the harmonization exercise for the pensioners.
