Lagos State government has recorded the payment of N57.7 billion in pension benefits to 16,340 retirees of the state since the beginning of Governor Babajide Sanwo-Olu’s administration in May 2019 till date.
Mr. Afolabi Ayantayo, the Commissioner for Establishments, Training, and Pension, shared this information on Tuesday during the 102nd Retirement Presentation hosted by the Lagos State Pension Commission (LASPEC) in Lagos.
According to Ayantayo, the recipients of the pension benefits include retirees from the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and various state government parastatals.
Ayantayo underlined that the Lagos State government has been a frontrunner in both the administration of the Contributory Pension Scheme (CPS) since its initiation in 2007 and in honouring pension obligations to retirees.
“The state government is truly grateful for your hard work and recognises the need to protect your retirement benefits.
- “This is why we are committed to the ideals of the CPS with an objective to ensure you receive income regularly in your retirement.
- “We have all come together to honour and recognise the dedication, hard work, and invaluable contributions of our retirees present today.
- “The retirement bond that we are presenting to you today 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 have forged, the wisdom you have shared, and the legacy you have built would continue to inspire us,” the commissioner said.
He added that the state government is grateful for the service of its retirees and committed to implementing policies that will support their wellbeing.
What you should know
- The Lagos State Pension Commission (LASPEC) was 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 in accordance with the provisions of the Pension Reform Act 2004.
- The main objectives of the Lagos State Pension Reform Law are:
- To assist all persons in the employment of the State Government to save towards their retirement.
- To ensure that persons who leave or retire from the Public Service of the State receive their terminal or retirement benefits as and when due.
- To establish a set of rules and regulations for the administration and payment of retirement benefits in the Public Service of the State.
- The law also established the group life policy for death benefits of employees, whilst in service, as well as the Retirement Bond for employees with past service benefits and the Redemption Fund from which the liability of the bond payment would be made.