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Lagos State government has approved the release of N1.92 billion for the payment of accrued pension rights to 444 retirees of the state’s public service.
The Director General, Lagos State Pension Commission, Mrs Folashade Onanuga stated this at the 71st batch Retirement Bond Certificates presentation ceremony held recently.
Addressing the beneficiaries, Onanuga reiterated the commitment of the state government to comply with the financial obligations stipulated by the Contributory Pension Scheme (CPS) towards the monthly funding of retirees Retirement Savings Accounts (RSAs) and payment of death benefits to those who died in service.
She added that she is optimistic that the monthly payment of entitlement to retirees will continue in the state and the issue of retirees waiting for months before being paid will be history soon.
Going further, she noted that the Babajide Sanwoolu’s administration should be commended for the pension bail of N13 billion approved for the 2020 budget and for increasing the redemption funding rate from 5 per cent to 10 per cent of total emolument of active workers.
She also disclosed that beneficiaries above 60 years would be enrolled for the health insurance scheme which will be obtainable in all general hospitals, private hospitals and primary health care centres and the cost will be handled by the government.
Thereafter, she advised the retirees to be prudent in spending and beware of their health status so they can live a healthy life since different ailments are associated with old age.
The retirees expressed their gratitude towards the different benefits put in place by the government towards their welfare.
