Lagos pays N125.9bn To Pensioners In Nine Years


Lagos  State government has paid N125.941 billion  to pensioners in the state in nine years, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke has said.

He made this known in his keynote address at the 11th Retirement Benefit Documentation Seminar for Lagos State Public Service employees due to retire from January to June, 2017.

According to him, the state government in last 16 months under Governor Akinmunmi Ambode’s administration has paid N21.929 billion as accrued pension rights to 5,027 retirees.

He stated that as at November 2016, accrued pension rights of about N55. 941 billion had been paid to 12,426 retirees since the commencement of payment of entitlements in the CPS dispensation.

The state government is also   committed to the regular contribution of the monthly deduction of 7.5 per cent from every employee and the employer’s 7.5 per cent, adding that the total contributions remitted to the Pension Fund Administrators ( PFAs) from April, 2007 is about N70 billion as at October, 2016.

To bridge the gap in the inadequacy of the funding rate recommended in the Pension Reform Law and for the year 2016, he said the Governor Ambode has approved a pension bailout fund of N6.5b.

He said while there are still some backlogs of pension payment to be cleared, the state is committed and hence all hands are on deck to ensure entitlements are promptly paid.

Director-General, Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga added that the state government remains the only state that is up to date in monthly remittance of contributions into employees’ Retirement Savings Accounts (RSAs).

She said: “The state has not shirked in her responsibilities and commitment to the regular funding of employees’ RSA. We remain the only state that has also not reneged in the funding of the Retirement Benefit Redemption fund and Pension Sinking Fund accounts


NigerianTribune

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