Determined to sustain promises of better welfare to serving and retired staff, the Lagos State Government through its Pension Commission (LASPEC) has distributed N1.53 billion in accrued pension rights to 742 former staff under its public service.
It stated that the funds were part of the Governor Babajide Sanwo-Olu administration’s determination to ensure that no retired staff leave work without getting his contributory pension from the government.
The Lagos State Head of Service, Bode Agoro, who disclosed this on Thursday during the 109th Batch Retirement Benefit Bond Certificate Presentation Ceremony, held in Ikeja, added that explained that the payment of the contributory pension is part of the state’s continued efforts to ensure that retirees receive their entitlements as and when due.
Agoro, who was represented by the Permanent Secretary, Public Service Office, Olasunkanmi Oyegbola, confirmed that since taking office, Sanwo-Olu has prioritized the timely payment of contributory pensions as part of the state’s commitment to ensuring that retirees receive their benefits.
“The state has consistently met its obligations to pay pensions to retired workers on schedule. Since the launch of the Contributory Pension Scheme (CPS) in 2007, Lagos State has been a leader in fulfilling its pension responsibilities.
“From May 2019 to the present, the State Government has distributed a total of N70.99 billion to 20,956 retirees from the Mainstream Civil Service, Local Government, SUBEB, TESCOM, and other parastatals.”
“This latest disbursement is a testament to the Sanwo-Olu administration’s unwavering dedication to honouring the sacrifices of our retirees.
“The bond certificates being presented today are not just documents—they are tokens of appreciation and symbols of the state’s respect for your service”, he added.
Earlier, the Director-General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, praised Governor Sanwo-Olu’s proactive support for pensioners, emphasizing that the funds cover service years before the CPS’s implementation.
“As you receive your funds, take a close look at your financial needs. Start by evaluating your expected monthly expenses, which should include everything from housing and healthcare to leisure activities.”
He also urged individuals who are planning to include beneficiaries in their wills to ensure that a will is prepared.
The LASPEC boss emphasized that writing a will is not synonymous with a death sentence.
According to him, having a will in place will alleviate the stress for beneficiaries when processing benefits in the future.
