The Lagos State Government on Friday paid the sum of N21, 375,333,764.77kobo into the retirement savings accounts of 3,884 retirees under the contributory pension scheme.
Director-General, Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain made the revelation during presentation of retirement bond certificates to the second tranche of the 9th batch of 580 employees who recently retired from the state public service.
He noted that the state government has been very steadfast to its commitment to sustain full implementation of the contributory pension scheme even beyond the present administration.
He explained that solid and well defined structures have been put in place to ensure that the statutory five percent contribution that goes into the Redemption Fund Account (RFA) created for the purpose of redeeming retirement bonds is sustained.
He recalled that before now, government had paid N18, 974,294,919.55 kobo into the accounts of 3,489 retirees. Hussain explained that the second tranche of 395 retirees in the 9th batch are being presented with their retirement bond certificates to the tune of N2,401,038,845.22kobo.
He attributed the achievement recorded in the implementation of the pension scheme to sincere commitment and maximum support of the present administration to ensure that funds are made available for monthly remittances as well as the commitment of the board, management and members of staff of the commission who worked relentlessly towards its success.
He said that 135,000 staff are in the pension scheme adding that the number includes employees in the core civil service, tertiary institutions, local government staff, teaching service, Lagos State Universal Basic Education Board, SUBEB and government parastatals.