Pension

Lagos State spends N138.41bn on employees pension rights

From left: Commissioner of Information and Strategy, Steve Ayorinde, Commissioner of Ministry of Establishments, Training and Pensions, Dr. Akintola Benson and Chairman House Committee on Establishments, Training, Pensions and Public Service, Honourable Adedayo Famakinwa at the event in Lagos.

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Chuks Udo Okonta

Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme (CPS) in a period of 10 years is approximately N138, 413.560 billion, the Commissioner of Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, has said.
He disclosed this on Monday at the Ministerial Briefing in commemoration of the second year anniversary of Governor Akinwunmi Ambode’s administration.

He noted that since the commencement of the Retirement Benefit Bond Certificate Presentation in 2010, over 13,365 retirees/ deceased/withdrawn staff, the State Government has paid accrued pension rights of about N59, 821.560 billion.
“Furthermore, there have been regular deductions of 7.5 per cent from the salaries of staff and corresponding 7.5 per cent by the State Government into the Retirement Savings Accounts maintained by them with their appointed PFAs. As at March, 2017, these deductions have cumulatively risen to N78, 592 billion approximately since the inception of the scheme in 2007.
In essence, Lagos State Government’s funding of employees’ pension rights under the Contributory Pension Scheme in a period of 10 years is approximately N138, 413.560 billion,” he said.

He said the backlog of terminal entitlements of retirees has been reduced within a nine month period, May 2016 – May, 2017, adding that the State Government through Lagos Pension Commission (LASPEC) had paid the sum of N11, 754. 082 billion into the RSA of 2,886 retirees.

He noted that 1,291 of the retirees were from the Local Government and SUBEB, 697 from TEPO, 887 from the Mainstream service and 11 from Parastatals, and that from August 2015 to March, 2017, the State Government through LASPEC had paid the sum of N25.809.560 billion into the RSA of 5,956 retirees, 2,585 from the Local Government and SUBEB, 1,442 (TEPO), 1,618 (Mainstream) and 310 (Parastatals).
“There is no doubt whatsoever that the officers of the Ministry of Establishments, Training and Pensions have laboured and toiled to achieve exceptional feats in the first two years of this administration.
I can assure you that we are committed to doing even more. This is because we appreciate that well-motivated and well-trained officers of the public service are best suited to conceive of workable government policies and to implement policies in ways that will translate into tangible benefits and dividends for the good people of Lagos State,” he added.

Commissioner of Information and Strategy, Steve Ayorinde, said the state has raised the bar in caring for its workers, adding that workers in the state now enjoy good training and pension.

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