In a statement made available to our correspondent, the agency said the sum of N1.062bn was paid to 288 retirees on October 14, 2022, and the sum of N2.54bn to 754 retirees in December 2022.
The agency pointed out that the status of implementation of the Contributory Pension Scheme in states, a quarterly assessment report produced by the National Pension Commission, certified Lagos as the most compliant in the scheme.
The statement read in part, “Under the leadership and administration of Mr. Governor, Babajide Sanwo-Olu, the Lagos State Government increased the employers’ portion of 7.5 per cent to 10 per cent monthly pension contributions to employees’ Retirement Savings Account. From January 2022 to date, the state government has remitted the sum of N13.7bn for mainstream employees, N3.18bn in the local government, N3.319bn for State Universal Basic Education Board employees.”
In addition, LASPEC said the state maintained life assurance policy coverage of 300 per cent of annual emolument in favour of all employees.
“In line with the ideals of the Contributory Pension scheme, the administration of Mr. Governor, Babajide Olusola Sanwo-Olu, has worked assiduously to ensure the consistent payment of pension liabilities.
“In 2022, the government through the Lagos State Pension Commission, the agency responsible for coordination and administration of all pension matters in the state, paid accrued rights of the sum of N11.4bn to 3,480 retirees, and a total sum of N48.3bn to 13,142 retirees since the inception of this administration.
“The Public Service of Lagos State Pension Departments (under the Old Scheme), which has now been discontinued, are made up of existing Pension Departments to which monthly pension payments are still made, namely:
Civil Service Pension Office
Teaching Service Pension Office
Local Government Pension Board.
“In 2022, the Civil Service Pension Office paid the sum of N2.39bn to 6,325 retirees while the Teaching Service Pension Office paid the sum of N1.24bn to 3,109 retirees and the Local Government Pension Boards paid the sum of N2.34bn to over 6,000 retirees, hence cumulative pension payments in the state totalled N17.37bn to 18,914 retirees.
“In line with the ideals of the Contributory Pension Scheme, the administration is committed to improving the welfare of our senior citizens and has initiated various programmes to secure the financial freedom of our retirees.
“To demonstrate good faith and commitment to the welfare of her employees, the state government increased her payments into the Redemption Benefits Bond Redemption Fund from five per cent to 10 per cent of the total monthly wage bill payable to employees in the public service,” the statement said.
The agency concluded by reiterating the state’s commitment to clearing all outstanding obligations and ensuring the well-being of state retirees.
