The Lagos State Government on Friday presented a single and largest payment to retirees since the inception of the State’s Contributory Pension Scheme. The Governor, who was represented by the Secretary to the State Government, Mrs. Folashade Jaji at the presentation of the over N2.5 billion retirement bond certificate, stated this at the bond presentation forum.
Sanwo-Olu said that since the start of his administration in 2019, the state government had also contributed over N47 billion to its pensioners’ Retirement Savings Accounts (RSAs).
He mentioned that 12,642 retirees from the state’s Local Government, Mainstream, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals were taking advantage of CPS in the state and enjoying their retirement benefits.
“The Lagos State government has paid 125,996,687,159.13 to 29,518 retirees since the advent of CPS and N47,050,805,734.16 to its retirees since the inception of my administration,” he said.
The governor however noted that his government is poised to pay the backlog of the Accrued Rights while efforts are also geared towards the “Pay as You Go” to further add value to the lives of the workers after retirement.
“We are not unaware of the backlog in the payment of accrued rights but we are focused on the intentional and strategic eradication of this backlog.”
The governor stated that the state would continue to make sure that retirees from the public sector received not only what was legally required of them but also support and assistance that would enhance their quality of life during retirement through other agencies and programs.
The event was organized by the Lagos State Pension Commission (LASPEC) in Lagos.