Lagos State Government has so far
disbursed over N47.4 billon into the Retirement Savings Accounts, (RSAs), of
the state retirees under the Contributory Pension Scheme.
The Director-General, Lagos State Pension Commission
(LASPEC), Rotimi Adekunle Hussain, disclosed this recently, at the 10th
Retirement Bond Certificates presentation to employees, who recently retired
from the state’s public service.
Hussain, said the state government had been steadfast in its
commitment at sustaining full implementation of Contributory Pension Scheme
even beyond the present administration.
He added, “From the inception of the scheme in 2007 to date
the government has contributed about N47.4b being monthly deduction of 7.5 per
cent of the basic, rent and transport allowances from the salary of every
worker and counterpart 7.5 per cent contribution by the state government, into
the RSA of every employee with the state approved Pension Fund Administrators
(PFA).
“The development is in line with
Fashola administration’s determination to make life meaningful for employees of
the public service after their retirement.”
He further explained that LASPEC remained resolute that every
employee in the state public service is adequate equipped and empowered with
the necessary knowledge contribution pension scheme before exiting the scheme.
According to him, the Lagos State
Pension Reform Act 2007 is aimed at protecting the retirement benefits of the
workers, promote good pension administration and reduce the risk mostly
associated with the previous pension laws to the barest minimum.
To this end, Hussain advised all
the retirees to live their life in retirement responsibly and not to engage
themselves in businesses that could put their retirement benefits at undue risk
Before this recent development, the state government was said
to have paid a total accrued pension right of N18.97bn into the RSA of 3,489
retirees.
Adeniyi Idowu Adunola
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