Pension

Lagos State to begin remittance of 18% pension contributions, pays N5.79bn to 1542 retirees

From left: Director-General Lagos State Pension Commission Folashade Onanuga and Permanent Secretary, Civil Service Pension Office, Kayode Ogunnubi at the event.

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Chuks Udo Okonta

The Lagos State Government today said it is set to begin the remittance of 18 per cent pension contributions of workers.

The Director-General, Lagos State Pension Commission (LASPEC) Folashade Onanuga, disclosed this at the 17th Retirement Benefits Documentation seminar held in Lagos, adding that the commission had received an approval from the state government to commence the new rate.

The Pension Reform Act 2014, increased the rate of contributions for employee and employer to a minimum of eight per cent and 10 per cent, respectively from 7.5 per cent formerly contributed by employers and the employees.

According to her, all is set to commence the deductions of the new rate signed into law in 2014.

She also disclosed that from May 29, 2019, a total of N5,796,683,937.69 billion has been credited Into the Retirement Savings Accounts (RSAs) of 1542 retirees.

Would be retirees at the event.

She noted that the state government under the leadership of the executive governor, Babajide Sanwoolu, is poised to improve the welfare of retirees.

According to her, the governor who started the contributory pension scheme (CPS), in the state when he was a commissioner at the ministry of establishment and pension, understands the pain of retirees when their entitlements are not paid on time.

The administration of Governor Babajide Sanwo-Olu in Lagos State has continued to show great commitment to the welfare of its workforce, both in and out of the office, she said.

Onanuga explained that the governor like never before is putting plans in place to ensure that retirees get their payments on time.

“We remain resolute in our commitment as a commission to ensure the welfare of retirees from the State’s public Service. We have continued to upgrade our operations to ensure a seamless interface between us, the contributors and our service providers,” she posited.

Would be retirees at the event.

On what retirees should expect in the coming year, she said a lot of new things are coming up as it relates to pension and pension entitlement in the state, “but I will say they should be more expectant like never before,” she added.

Declaring the seminar open, the Commissioner, Ministry of Establishment, Training and Pensions, Ajibola Ponnle, said that the commission has gotten approval from the governor to clear all outstanding backlog that have existed in the state.

The commissioner who was represented by the permanent Seceretary, Civil Service Pension Office, Kayode Ogunnubi, assured the retirees that the process of clearing the backlog has started whilst noting that what happen before will not occur again.

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