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Lagos Remits N49.9 Billion to Pension Fund Administrators

High Flyers to Get Accelerated Promotion

Lagos State Governor, Mr. Babatunde Fashola
Lagos State Governor, Mr. Babatunde Fashola
The Lagos State Government said on Friday that it has remitted a total sum of N49, 963, 177, 130.69 Kobo to the various Pension Fund Administrators (PFAs) in the last one year.

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Commissioner for Establishment, Training and Pensions, Mrs. Florence Modupe Oguntuase, who made the revelation at a press briefing in Lagos said the money represents the 7.5 percent monthly deductions from the salary of every worker and the counterpart 7.5 percent paid by the state government.

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She explained that the state government organized the 10th retirement bond certificate presentation ceremony in February 2014 during which 299 retirees were paid the sum of N1,723,737,915. 59 Kobo.

Till date, she said the state government has paid a cumulative sum of N24,429,829,010.60 Kobo to 4,636 retirees since the inception of the contributory pension scheme.

The commissioner noted that henceforth, evaluation in the state public service will be tied to the millennium development goals mandate as encapsulated in the service charter which emphasizes pay-for-performance as well as performance-based- promotion adding that the appraisal will be done twice every year.

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While emphasizing that the ministry will not tolerate late rendering of returns on appraisal, she explained that stagnated or qualifications-barred officers with exceptional performance records may be supported to acquire additional qualification through state sponsorship in addition to receiving exceptional performance earnings’ bonus.

“Staff displaying variable and consistent exceptional performance records, i.e, high flyers through(Staff Performance Appraisal Development(SPADEV) reporting scores may be given the opportunity to sit for promotion examinations earlier than period prescribed for their grades which may lead to accelerated promotion”, she said.

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