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By Henry Uche
In line with its resolve to prioritise the welfare of its senior citizens, the Lagos State government said it has so far paid over N43 billion (Forty-Three Billion Naira) as Accrued Pension Rights to 11,644 retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the State Government from May 2019 till date.
The Commissioner for Establishments, Training & Pensions of the State, Mrs. Ajibola Ponnle, made this known at the 96th Retirement Bond Certificate Presentation ceremony to retirees of the Lagos state public service recently.
She revealed that the state governor, Babajide Sanwo-Olu, has honoured the obligations as stated in the amended Lagos State Contributory Pension Scheme Law, by the presentation of Bond Certificates with a total amount of N1,113,899,432.36 (One Billion, One Hundred and Thirteen Million, Eight Hundred and Ninety-Nine Thousand, Four Hundred and Thirty-Two Naira, Thirty-Six Kobo) to 295 retirees.
“The presentation of Retirement Bond Certificates to these set of highly dedicated retirees who have shown great commitment to the service of the people of Lagos State is a proof of the governor’s commitment towards the welfare of our senior citizens.
“The State government recognises the plight of our estimable workers who have served in the Lagos State Public Service and the need to safeguard their financial security after service.
“The government implemented the payment of the new minimum wage, six months after the new wage bill was adopted as law and with a higher amount than the approved recommendation in response to global and national economic challenges.”
Ponnle added that the government also implemented the upward review of pension contributions from 7.5 per cent of employee and employer contributions to 8 per cent employee contributions and 10 per cent employer contributions, saying, “This is in line with the administration’s vision to cater for its workforce even in retirement. “You are not forgotten. Your welfare and wellbeing are top-priority, we’re relentless to improve your retirement life,”
She urged retirees to registered with State Residents Registration Agency (LASRRA) to enjoy its inherent benefits, noting that the Lagos State Residents Registration Agency (LASRRA) and in collaboration with its sister agencies launched an upgraded Lagos State Resident Identity Card (LAG ID Card) with benefits such as subsidised health care and transport services for its retired Public Servants.
She implored retirees to practice a healthy lifestyle to enjoy their retirement benefits as well be prudent with their financial resources by taking wise decisions knowing that the economy has not been smiling on Nigerians in recent time.
“Following your successful retirement from the State Public Service, you need to carefully review the retirement savings options available so you can utilise your money prudently. Do not hesitate to contact LASPEC or the Ministry of Establishments, Training and Pensions should you require clarifications or advice on your retirement benefit matters,” she charged.
Similarly, the Director General, Lagos State Pension Commission, Mr. Babalola Obilana, warned pensioners to be wary of of individual/associations who claim to be affiliated with the State Government and could process or fast track their pension entitlements for a fee.
The DG urged them to direct all enquiries to LASPEC through its official website and email address and official phone lines which can be found on its website.
“You must be wary of impostors, LASPEC should be your first point of call for reliable and accurate information on pension matters in the State,”
“This government acknowledges your efforts and contributions whilst in the Public Service. Without you, the vision of a ‘Greater Lagos’ would have been an impossible dream. Lagos State contribution to the success of the Contributory Pension Scheme in Nigeria remains an indisputable fact. Lagos is a trail blazer in the industry with 10 per cent employer and 8 per cent employee contributions remitted monthly into individual employees’ Retirement Savings Accounts (RSAs) after salaries are received.
“Mr. Governor prioritizes pension contributions in the Annual State Budget and consistently allocates a minimum of N1 Billion monthly for the payment of Accrued Rights Obligations,”
He added that the governor had approved the automation of business processes in the Lagos State Pension Commission to ensure first class service delivery to its retirees in order to accomplish government’s goal of the immediate payment of pension entitlements upon retirement from the Public Service.
