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294 Lagos retirees get N1.9bn benefits

By on December 22, 2015

Lagos State Government has paid N1.9bn retirement benefits to another set of 294 retirees under the Contributory Pension Scheme.

The Commissioner for Establishment, Training and Pensions, Dr. Akintola Oke, disclosed this during the presentation of the retirement benefit bond certificates to the retirees in Lagos.

“Today, we are crediting into your Retirement Savings Accounts the sum of N1.9bn,” she said.

The commissioner, who was represented by the Permanent Secretary, Civil Service Pension Office, Bolanle Ogunmola, said the state government had continuously met its obligations in the payment of salaries to all workers of the state civil service and owed no worker.

“The times are hard, many things are contending with the state funds but we believe that our greatest assets as a state government are our workers. Your welfare, both in office and out of office, is germane to us; hence this administration has given priority to ensuring that retirees have quick access to their terminal entitlements,” he said.

As of November, he said a total number of 9,252 accrued pension rights of about N43bn had been paid by the state government.

The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, advised the beneficiaries to be cautious when deciding what to do with their pension after retirement.

She also advised the retirees to consider their individual circumstances before choosing any of the two exit options of programmed withdrawal and the annuity.