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228 Lagos Retirees Get N941m For November


By Modupe Gbadeyanka

The sum of N941 million has been paid to not less than 228 retirees by the Lagos State government for the month of November.

Speaking at the 33rd Retirement Benefit Bond Presentation ceremony held recently at Ikeja, the Director-General of Lagos State Pension Commission (LASPEC), Mrs Folashade Onanuga, explained that the present administration has from August 2015 to date paid the total sum of N22 billion as accrued pension rights to 5,027 retirees under the Contributory Pension Scheme.

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Mrs Onanuga explained further that 228 retirees paid for November were from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pensions Office (TEPO) and other parastatals of government.

She reiterated the commitment of Governor Akinwunmi Ambode in ensuring the welfare of the employees both in and out of office through prompt payment of their salaries and pension.

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However, the LASPEC boss noted that only Programmed Withdrawal benefit option was presently available to the beneficiaries, pending when Life Insurance Companies open Operational Account jointly with a Pension Fund Custodian (PFC) to secure the funds for the provider of annuity services.

She advised the retirees to take good care of their health by going for comprehensive check-ups, desist from frivolous spending or invest in ventures that would not afford them peace of mind, stressing that they should be wary of fraudsters or any scheme that promises quick gains.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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