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.
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.
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.
more recommended stories
Asian Stocks Rise as US-China Talks Record Progress
By Investors Hub Asian stocks rose on Friday.
European Shares Hit Highest Level Since December
By Investors Hub European stocks rose on Friday.
US Markets Open Higher as Trade Optimism Triggers Buying Interest
By Investors Hub The major U.S. index futures.
Otedola Eyes Forte Oil Upstream, Power Subsidiaries
By Modupe Gbadeyanka Efforts are being.