Lagos State Commissioner For Establishments, Training and Pensions, Mrs. Ajibola Ponle, disclosed that Lagos State Pension Commission (LASPEC) has paid over N43b as Accrued Pension Rights to 11,644 retirees in the mainstream, local council, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other state parastatals from May 2019 till date.
Speaking at the 96th batch of Retirement Bond Certificate presentation for the Lagos State Public Service retirees, she said the government had also implemented the upward review of pension contributions from 7.5 per cent of employee and employer contributions to eight per cent employee contributions and 10 per cent employer contributions.
She said retiree’s welfare and wellbeing were top priority and the government was relentless in its pursuit to improve their retirement life.
The Director-General, LASPEC, Mr. Babalola Obilana, also disclosed that Sanwo-Olu’s administration had presented N1,113,899,432.36 to 395 retirees, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.”
He added that the governor prioritised pension contributions in the yearly budget and consistently allocated a minimum of N1b monthly for the payment of Accrued Rights Obligations.