Lagos government pays 29,518 retirees more than N125 billion
The Lagos State government said on Friday that it had paid 29,518 retirees a minimum of N125 billion since the Contributory Pension Scheme (CPS) was established in 2004.
When giving a keynote speech at the 98th Batch Retirement Bond Certificate Presentation to the state’s pensioners, Lagos State Governor Babajide Sanwo-Olu, who was represented by Mrs. Folashade Jaji, Secretary to the State’s Government (SSG), said this.
The Lagos State Pension Commission (LASPEC), a government agency, organized the event.
Sanwo-Olu said that since the start of his administration in 2019, the state government had also contributed over N47 billion to the Retirement Savings Accounts (RSAs) of its pensioners.
He mentioned that 12,642 retirees from the state’s Local Government, Mainstream, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals were taking advantage of CPS in the state and enjoying their retirement benefits.
“Since the implementation of CPS, the Lagos State Government has paid 125,996,687,159.13 to 29,518 retirees and N47,050,805,734.16 to its retirees,” he said.
He said that for the month of December, the state had paid at least N2,522 billion into the retirement savings accounts (RSAs) of another group of 755 retirees.
This is in addition to their monthly contributions, which have already been made to their various RSAs with the Pension Fund Administrators, according to Sanwo-Olu (PFAs).
The event of today is a further affirmation of the state government’s dedication to the wellbeing of its personnel, both active and post-service.
The number of retirees and the sum to be paid are the greatest amounts we have ever made since the CPS was established in Lagos State, making this ceremony a historic occurrence.
We are aware of the backlog in the payment of accrued rights, but our attention is on purposefully and strategically eliminating it.
Despite the difficulties, he claimed, Lagos State had maintained its position as a national model for credible government and pension benefit administration.
In terms of pension payments, among other CPS quality parameters, “Lagos State emerged as the top performer this year,” he continued.
He claims that the state is diligently pursuing its administration’s goal of “pay as you go” through LASPEC.
The governor stated that the state will continue to make sure that retirees from the public sector received not just what was legally required of them but also support and assistance that would enhance their quality of life during retirement through various agencies and programs.
Sanwo-Olu pledged that his administration would keep running a transparent government that supported inclusiveness and diversity.
“I want to reaffirm that as long as you are a retiree of the Lagos State public service, your welfare and wellbeing are top priorities, regardless of your gender, sex, tribe, or special needs.
