Lagos pays N50.7bn to retirees in 4 years

Lagos pays N50.7bn to retirees in 4 years
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By Florence Onuegbu

The Lagos State Government on Thursday said it had paid over N50.7 billion to 13,928 retirees, from 2019 till date.

The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, made this known during the 100th Retirement Bond Certificate Presentation Ceremony, organised by the Lagos State Pensions Commission at Ikeja.

Ponnle, who was represented by the Permanent Secretary, Office of Establishments and Training, Mr Olawale Musa, said that the payments were made to retirees in the mainstream, local government, State Universal Board, Teaching Service Commission and other state parastatals.

She also said that the state government had paid accrued pension rights of N5 billion into the Retirement Savings Accounts of 1,768 retirees, alongside their monthly contributions.

According to her, the present administration has been consistent in the payment of pension obligations to its retirees, thereby, maintaining leading role in the administration of the Contributory Pension Scheme.

Ponnle said the Bond Certificates presentation ceremony was a testament to the state government’s faithfulness in the performance of its obligations to retirees.

She said that the government was grateful for the diligence and commitment of the retirees while in active service.

Ponnle added that it was the recognition of the need to protect their retirement benefits that informed the implementation of the Contributory Pension Scheme.

She said that the present administration was currently working on some reforms, based on global best practices, to reduce post-retirement financial difficulties.

The commissioner said that the state government was committed to building an environment that remained safe and secure for all residents.

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Ponnle also said that the state government would continue to raise the bar of governance to improve the livelihood of all residents. (NAN)(www.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

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