LAGOS PAYS N11.75 BN TO RETIREES IN 1 YEAR

IKEJA, Lagos, Nigeria – The Lagos State Government today disclosed that about N11.75 billion had been paid to retirees in the last 12 months as terminal entitlements, stating that the state government’s funding of employees’ pension rights under the contributory Pension Scheme since inception has been N138, 413, 560.

Commissioner for Establishment, Training and Pensions, Dr. Akintola Benson Oke, revealed this while briefing journalists on the achievements of his ministry, as part of activities marking the second anniversary of Governor Akinwunmi Ambode.

Oke said the state government through the Lagos State Pension Commission (LASPEC) had paid the sum of N11.754.082 billion into the Retirement Saving Account (RSA) of 2,886 retirees.

According to him, 1,291 of the retirees were from the Local Government and SUBEB; 697 from TEPO; 887 from the mainstream service and 11 from parastatals.

“There have been regular deductions of 7.5 per cent from the salaries of staff and corresponding 7.5 per cent by the state government into the RSA maintained by them with their appointed PFAs. As at March 2017, these deductions have cumulatively risen to N78.592 billion since the inception of the scheme in 2007.

“This administration has not relented in the bailout of the Local Government and State Universal Basic Education Board (SUBEB) retirees. The Governor magnanimously gave instructions for state government funds to be utilised to pay retirees from local government,” he said.

Oke also disclosed that the state government through the commission had paid to beneficiaries of deceased employees insurance benefit worth N170 million. According to him, the insured death is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members of a deceased person.

“The estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme.

Speaking on training, he said over 5,000 employees had been trained in the last one year. He said 3,160 officers benefitted from 72 in-plant/tailored made workshops and training programme; 1,650 officers benefited from 25 turnkey/bespoke training programme; 84 officers were sponsored to the federal training centre for career enhancing programme; 108 officers sponsored to local training workshops and 81 officers benefited from international workshops.