Lagos State has presented retirement bond certificates worth N5 billion to 1,768 retirees, making it the 100th batch of presentations to government retirees since inception of the Contributory Pension Scheme (CPS).
Commissioner for Establishments, Training and Pensions Mrs. Ajibola Ponnle said the government’s vision is to have a dynamic, efficient and effective workforce to pilot the agenda of a ‘Greater Lagos’. “And that is why the safe retirement and welfare of our officers is a major priority in actualising this goal’.
She said: “The government is truly grateful for your hard work and recognises the need to protect your retirement benefits hence, Lagos was one of the first to implement the Contributory Pension Scheme to ensure you receive income regularly in your retirement.
“Lagos has been a consistent high flyer in the pension industry, with over N50.7 billion paid to 13,928 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. Our vision is to have a dynamic, efficient and effective workforce to pilot the agenda of a ‘Greater Lagos’. The safe retirement and welfare of our officers is a major priority in actualizing this goal.
“I am happy to report that the government has paid accrued pension rights of N5 billion into the Retirement Savings Accounts of 1,768 retirees this month, alongside their monthly contributions. This administration, through the Lagos State Pension Commission (LASPC), collaborates frequently with policy makers and stakeholders to strengthen the governance, management and effectiveness of the CPS in the state.
We are currently working on some reforms based on global best practices to reduce post-retirement financial difficulties.”
Director-General of the LASPEC Babalola Obilana thanked Governor Sanwo-Olu for the ‘consistent payment of pension liabilities and first class service to our dear retirees’. He also thanked the beneficiaries, saying ‘we are all here to celebrate your dedication and service to Lagos State, your labour while in the public service has not been forgotten. Thank you for your contribution to the dream of a Greater Lagos’.