LAGOS PAYS N166BN INTO EMPLOYEES’ RETIREMENT SAVINGS ACCOUNTS
The Lagos State Commissioner for Establishments, Training and Pensions, Mr. Akintola Oke-Benson has said that the State Government has funded its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) to the tune of N166 billion in 11years.
Dr. Oke-Benson, who was represented by the Permanent Secretary, Civil Service Pensions Office, Mr. Adeola Hundeyin, disclosed this in Alausa, Ikeja during the 15th Retirement Benefit Documentation Seminar for Employees’ due to retire from the State Public Service between January and June 2019.
He noted that the total contribution remitted to Pension Fund Administrators (PFAs) from April 2017 to October 2018 was N91 billion.
He maintained that government’s in the welfare of retirees ensured the release of funds for the payment of pension entitlements since the inception of the contributory pension scheme.
The Lagos State Head of Service, Mrs. Folashade Adesoye, applauded the prospective retirees for their contributions towards the growth of the civil service in the last 35 years, noting that their dedication and commitment has made Lagos a good example for other States.
She asserted that the State government will always cherish their selfless services.
Speaking in the same vein, the Permanent Secretary, Ministry of Establishments, Training and Pensions, Mrs. Rhoda Ayinde, urged participants at the seminar to evaluate their needs as well as understand the two exit options – Annuity and Programme Withdrawal – before making an informed decision.
Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, remarked that the State is set to commence health insurance for its workers and would soon extend same gesture to the retirees of the State civil service.
She said “This is because health is wealth and we want to ensure that our retirees are in the best health condition to enjoy retirement. Lagos State has the interest of both its active and retired workers in mind”.
While calling on the would-be retirees who have terminal ailments to submit a medical report alongside their documents while processing their pension, she promised that the State government would attend to such retirees without wasting time so that they could take care of their health.
She maintained that the State government, through LASPEC, would always assist its retirees to get their respective pension entitlements as and when due, urging workers approaching retirement to always ensure that they commence the relevant documentation process six months before the due date to obtain all necessary approvals.
The seminar, she said, was to sensitise workers getting ready for retirement about the pension collection process as well as give them tips on living a long, healthy and enjoyable life in retirement.