LAGOS PAYS OVER N1 BILLION AS BENEFITS FOR 177 RETIREES
Lagos State Government on Thursday presented Retirement Benefit Bond Certificates worth N1,001,139,000 (One billion, One million and One Hundred and Thirty-Nine Thousand Naira) to 177 Public Service retirees.
Speaking at the event held at the LASPEC Complex, NECA House, Ikeja, the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson-Oke stated that under the present administration a total number of 10,601 retirees from the Mainstream Service, Local Government/State Universal Basic Education (SUBEB), Teachers Establishments Training & Pensions Office (TEPO) and other agencies of government had received accrued pension rights in excess of N43billion.
Earlier in her welcome address, the Director-General, Lagos State Pension Commission, LASPEC, Mrs. Folashade Onanuga gave words of encouragement to the retirees and advised them to be wary of engaging in business ventures that appear to have high risk.
Onanuga disclosed that Governor Akinwunmi Ambode had, on the 22nd of February, 2019, signed into law the amendment of the Lagos State Pension Reform Law which increased the contribution rates under the Contributory Pension Scheme to 18%, adding that issuance of identification cards to retirees will commence in April 2019.
Explaining the increase in contribution rates, the Director-General said the State Government’s portion has now been increased to 10% from 7.5% whilst employees’ contribution is 8% from 7.5% make more funds available to employees who retire from the State’s Public Service.
Recall that from April 2007, the State had transited to the Contributory Pension Scheme and had consistently remitted contributions into employees Retirement Savings Account.