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Saturday, June 22, 2024

Lagos Govt. disburses N3.1bn to 1,013 retirees

The Lagos State Governor, Babajide Sanwo-Olu, has disbursed N3.149 billion to 1,013 retirees, to assist the former civil servants venture into any entrepreneurial business of choice and maintain their standard of living.

Aside from that, the Governor also announced one-year free Ilera Eko health insurance scheme for the 1,013 beneficiaries, to ensure they have better healthcare after leaving the State civil service.

Sanwo-Olu, meanwhile, promised that the N4 billion outstanding will be paid in March, just as the government through Lagos State Pension Commission (LASPEC) led by Babalola Obilana, will intensify efforts to clear all backlogs before April.

While announcing this on Friday at the 103rd retirement bond certificate presentation held in Ikeja, Sanwo-Olu described the presentation as ‘a continued affirmation of the government’s commitment to the welfare of its workforce, both active and post-service’.

Sanwo-Olu reiterated his administration’s commitment to prompt payment of pensions and clearing of backlogs.

He said: “As of today, my administration would have covered nearly half of the total payments made by previous administrations since the inception of the CPS in Lagos State. While we acknowledge the backlog in the payment of Accrued Rights, our attention is focused on systematically eliminating this backlog. I am pleased to announce that we have made substantial progress in this regard and I am confident that before the end of my tenure, our aspiration for a “Pay As You Go” model will be realised.

“My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. I want to reaffirm that no matter your age, gender, sex, tribe or special needs, as long as you are an employee of the Lagos State Public Service, whether in active service or retired, your welfare and wellbeing is top priority.

“Lagos State government, through LASPEC, is assiduously working to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes, additional support and assistance that will add value to their lives in retirement.”

The government has also paid N56,551 billion into the Retirement Savings Accounts (RSAs) of 16,026 retirees in the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other government Parastatals since inception of the Sanwo-Olu administration.

Earlier, Obilana admonished the retirees to continue upholding the values and principles they exemplified throughout their careers.

“Let us continue to strive for excellence, innovation and collaboration as we work together to achieve our shared goals and objectives.

“Let me also emphasise the importance of proper financial planning and management during retirement. It is essential for retirees to make informed decisions regarding your finances to ensure long-term sustainability and security. As you decide between programmed withdrawal and annuity, please pick an option that aligns with your financial goals and aspirations.

“LASPEC,in line with its role as the regulatory body for pension matters in the state, is constantly reviewing its business processes to provide first class service to public service retirees. Please contact us for official and trustworthy information on pension matters,” he said.

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