As part of its commitment to retirees plight, the Lagos State Government had disclosed that it has paid over N1 billion retirement benefit bond into the Retirement Savings Account (RSA) of 218 retirees under the state public service for the month of August.
It explained that the N1.01 billion was paid inline with the Governor Babajide Sanwo-Olu’s administration commitment towards ensuring that the commission continue to be resolute in forging ahead with the Contributory Pension Scheme (CPS).
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, said that the state government through LASPEC was committed to ensuring that retirees are paid their terminal entitlements as and when due without any hiccups.
Speaking during the 78th Batch Retirement Bond Presentation on Thursday in Lagos, Obilana revealed that scheme had resolved the challenges of the past pension scheme administration which, being non-contributory relied totally on budgetary allocations from the government.
“We remain committed to our ideals of making Lagos State a role model for others to follow on pension matters. In Lagos state, our employees are our greatest assets.
“This is why we are not only passionate about providing good conditions of service but also fully committed to ensuring that their entitlements are paid when they exit the public service,” Obilana said.
He also announced that the commission had changed its mode of distributing bond certificates to pensioners due to the ravaging COVID-19 pandemic, where it handed over the distribution to the Pension Fund Administrators (PFAs).
Obilana explained that the retirees would now be attended to in batches by the commission as it was usually done, but in compliance with the social distancing rules of the state government.
“The new process adopted by the commission nullifies the initial arrangements where the presentation of bond certificates was handled by the PFAs of concerned retirees or beneficiaries.
“The commission initiated the new process to ensure that the senior citizens are not exposed to the Coronavirus, and to also comply with the state government’s directive on the restriction on large gatherings,” he said.