The Lagos State Authorities has disbursed N740 million in accrued pension rights to a different batch of 348 retirees.
Mr. Babalola Obilana, Director Normal of the Lagos State Pension Fee (LASPEC), confirmed the cost in the course of the 107th batch retirement bond certificates presentation ceremony on Friday in Lagos, as reported by NAN.
Obilana famous that the cost covers the retirees’ previous service entitlements earlier than the Contributory Pension Scheme (CPS) was launched in 2007.
He emphasised the state authorities’s dedication to supporting retirees all through their retirement.
The director common praised Governor Babajide Sanwo-Olu for his immediate response in assembly pension obligations and acknowledged the governor’s initiatives aimed toward bettering retirees’ welfare.
Obilana highlighted Lagos State’s progress in enhancing transparency, effectivity, and sustainability inside the pension system.
He additional famous that the implementation of the CPS ensures a good distribution of advantages, offering all staff with dependable pensions at retirement.
He mentioned:
“My crew is constantly targeted on bettering our processes, guaranteeing well timed funds, and enhancing the general expertise for retirees.
“Our pricey state has transited to paying retirement advantages in the identical 12 months our officers retire.
“That is an accomplishment that displays our dedication to fulfilling Gov. Sanwo-Olu’s objective of monetary safety for Lagos State retirees.”
“I lengthen my heartfelt congratulations to every retiree receiving their retirement bond certificates as we speak.
” It is a second to have fun your achievements, contributions, and the legacy you left behind.
“We have fun the fruits of years of devoted service by our retirees, who’ve tirelessly contributed to the expansion and improvement of the state.
“Your onerous work, dedication, and sacrifices have laid the muse for the progress we take pleasure in as we speak.
“Let me remind you that retirement will not be an finish however a brand new starting.
“Embrace this time with enthusiasm, pursue your desires, and proceed to contribute to your communities in significant methods,” he mentioned.
The Lagos State Pension Fee (LASPEC) was established by the Lagos State Contributory Pension Scheme Regulation 2007 as a company entity to manage, supervise and make sure the efficient administration of pension issues within the Lagos State Public Service in accordance with the provisions of the Pension Reform Act 2004.
The principle aims of the Lagos State Pension Reform Regulation are:
