The Lagos State Government has disbursed N740 million in accrued pension rights to 348 retirees, marking another milestone in its commitment to retirees’ welfare and financial security.
This announcement was made during the 107th batch retirement bond certificate presentation ceremony in Lagos on Friday. Speaking at the event, Director General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, confirmed that the payment covers the retirees’ past service benefits before the adoption of the Contributory Pension Scheme (CPS) in 2007.
Obilana praised Governor Babajide Sanwo-Olu for his consistent support in fulfilling pension obligations, highlighting the administration’s commitment to retirees and its various initiatives aimed at improving their quality of life. He noted that the state has made substantial progress in enhancing the transparency, efficiency, and sustainability of its pension system.
According to Obilana, the implementation of the CPS has established a more equitable distribution of retirement benefits, ensuring that all workers have access to reliable pensions upon retirement. LASPEC, he said, remains dedicated to maintaining an efficient and robust pension process to support retirees throughout their retirement journey.
“My team is consistently focused on improving our processes, ensuring timely payments, and enhancing the overall experience for retirees,” Obilana stated. “Our dear state has progressed to paying retirement benefits in the same year our officers retire. This reflects our dedication to fulfilling Gov. Sanwo-Olu’s goal of financial security for Lagos State retirees.”
In addition to prompt pension payments, LASPEC has launched sensitization programs to educate employees approaching retirement about the CPS and the necessary documentation for processing their benefits. The programs are aimed at equipping future retirees with knowledge on financial management to help them navigate this new chapter of their lives.
Beyond financial support, the Lagos State government has also implemented free health insurance and subsidized public transportation for its retirees. This move underscores the state’s commitment to enhancing the welfare and quality of life of its senior citizens.
During the ceremony, Obilana congratulated the retirees and praised their dedication to Lagos State’s growth and development. “This is a moment to celebrate your achievements, contributions, and the legacy you have left behind,” he said. “Your hard work, commitment, and sacrifices have laid the foundation for the progress we enjoy today.”
A retiree, Funmilayo Aiyelabola, expressed gratitude to the state government for its commitment to retirees’ welfare, commending the LASPEC team and Pension Fund Administrators for their professionalism in processing retirement benefits.
Obilana reminded the retirees that retirement is a new beginning, encouraging them to embrace this time, pursue their dreams, and continue making meaningful contributions to their communities.
Source: NAN
