Pension

Lagos State pays N21.93bn pension accrued rights in 16 months

From left: Director-General Lagos State Pension Commission, Folashade Onanuga, Chairman House Committee on Establishments, Training and Pensions, Adedayo Famakenwa; Commissioner Establishments, Training and Pensions Lagos State, Dr. Benson Akintola and Acting Head of Service, Lagos State, Folasade Adesoye at the event.

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Chuks Udo Okonta

Lagos State Government in the last 16 months has paid N21.93 billion as pension accrued rights to 5,027 retirees, Inspen has learnt.

The Director-General Lagos State Pension Commission (LASPEC) Folashade Onanuga, disclosed this today at the 11th Retirement Benefit Documentation Seminar organised by the commission in Lagos. She noted that Governor Akinwunmi Ambode’s administration has remained committed to the regular funding of employees’ retirement savings accounts.

She noted that Lagos State is up to date in the remittance of contributions into employees’ retirement savings accounts, adding that the state has also not reneged in the funding of retirement benefit redemption fund and pension sinking fund accounts.

Onanuga stressed that pension bailout funds have also been provided to ensure consistency in payment of terminal dues.

She told workers in the state that the commission is committed to their wellbeing, adding that the commission has the commitment of the Governor, state executive council, legislators and ministry of establishments, training and pensions to the funding of the pension obligations.

The Commissioner Establishments, Training and Pensions Lagos State, Dr. Benson Akintola, posited that the state would sustain the height it has reached as being the leading light in pension affairs.

He maintained that the state is presently looking at how to commence the implementation of the Pension Reform Act 2014, especially in the area of 18 per cent contributions for workers.

Acting Head of Service, Lagos State, Folasade Adesoye, urged workers in the state to reciprocate the gesture of the government by being committed to their responsibilities.

She said the government would continue to provide comfortable working environment and ensure that the workers get all their statutory benefits.

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