The Lagos State Government has fulfilled its promise to settle all outstanding pension liabilities, presenting bond certificates worth N4.5 billion to 2,000 retirees in the 105th and final retirement bond certificate presentation.
This achievement marks a significant transition to the ‘Pay-As-You-Go’ pension administration era, ensuring that civil servants receive their full pension benefits and gratuity immediately after retirement.
Governor Sanwo-Olu also launched a special health insurance scheme for all living retirees, providing access to comprehensive medical services.
Since 2004, Lagos State has paid N141.2 billion to 35,191 retirees, with N59.7 billion paid to 17,039 retirees in the last five years.
The settlement of accrued rights demonstrates the government’s commitment to the welfare of its workforce, recognizing their dedication and sacrifices.
The ‘Pay-As-You-Go’ template ensures a sustainable and dependable pension system, boosting employee morale and productivity.
Retirees have expressed gratitude to Governor Sanwo-Olu for fulfilling his promise and recognizing their contributions to the state’s progress.
Babalola Obilana, Director-General of LASPEC, praised the governor’s commitment to addressing retirees’ challenges, ensuring a comfortable and dignified retirement.
