Lagos State Govt Has Paid N50.7 Billion To Retirees From 2019 Till Date – Says Commissioner

Ponnle disclosed this in 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.

She 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.

She added that the 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.