Lagos Pays N32.2 Billion to Retirees in Five Years

April 18, 2015 – The Lagos State Government has paid over N32.2 billion into the retirement savings accounts of  6,145 workers who retired from the state public service between 2010 and 2015.

It also issued N8 billion retirement bond certificates to retirees.

Commissioner for Establishment, Training and Pensions, Mrs. Florence Oguntuase disclosed this at a press conference in Lagos.

According to her, the monthly deduction of 7.5 per cent from employee salary and 7.5 counterpart funding is now over N16 billion, while the employee joint contributions have cumulatively risen to over N57 billion since the inception of the scheme in 2007.

The commissioner stated that during the period under review,  the current administration, through Lagos State Pension Commission (LASPEC), in collaboration with the state approved six Pension Fund Administration (PFAs) and five Insurance companies, organized series of seminar for workers on pre-retirement plan in order to prepare them adequately for life after retirement.

Also speaking, Director General of the Lagos State Pension Commission, LASPEC, Mr. Adekunle Hussain, revealed that the present administration is set to review the state pension law and increase the monthly pension payment by the Lagos State Government and staff to a ratio of 10 to 8 percent respectively, as against the current 7:5 per cent.

He stated that in appreciation of the effective management of the pension scheme, Lagos State has received various awards.