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Lagos pays N43b to 11,644 retirees, updates Employer Employee contribution rate

ByAdmin

Aug 14, 2022
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Mrs. Ajibola Ponle, the commissioner for establishments, training, and pensions for the state of Lagos, revealed that from May 2019 until now, the Lagos State Pension Commission (LASPEC) had paid over N43b in Accrued Pension Rights to 11,644 retirees in the general public, local government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other state parastatals.

She said the government had also implemented the upward review of pension contributions from 7.5% of employee and employer contributions to 8% of employee contributions and 10% of employer contributions. She was speaking at the 96th batch of retirement bond certificate presentations for the Lagos State Public Service retirees.

She claimed that improving the quality of retired life for retirees was a government goal and that their welfare and wellbeing were given high attention.

The LASPEC Director-General, Mr. Babalola Obilana, also revealed that the Sanwo-Olu government had paid 395 retirees N1,113,899,432.36 in past service benefits before the Contributory Pension Scheme (CPS) started in 2007.

He continued by saying that the governor routinely set aside at least N1b every month for the payment of Accrued Rights Obligations and gave pension payments top priority in the annual budget.

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