Lagos Pays Retirees N1.01bn in August 2020

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By Adedapo Adesanya

The Lagos State government had disclosed that a total number of 218 retirees have been paid the sum of N1.01 billion for the month of August 2020.

This was made known by the Director-General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, at the 78th Batch Retirement Bond Presentation Ceremony, in Lagos.

He noted that in view of the current COVID-19 pandemic across the world, LASPEC has changed its mode of distributing bond certificates to state pensioners, stressing that the retirees would now be attended to in batches, 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 Pension Fund Administrators (PFAs) of concerned retirees or beneficiaries.

According to the Director-General of LASPEC, the commission initiated the new process to ensure that senior citizens are not exposed to the coronavirus and to also comply with directives on the restriction on large gatherings.

In his words, “The commission changed from its initial method of releasing bond certificates to Pension Fund Administrators who had been inviting beneficiaries to exit meetings to access their lump sum and monthly pensions.”

He affirmed that LASPEC will continue to be resolute in forging ahead with the contributory pension scheme, stressing that the scheme was sustainable and had resolved the challenges of the past Pension Scheme Administration which, being non-contributory, relied totally on budgetary allocations of government.

He stated that the Lagos State government through LASPEC was committed to ensuring that retirees are paid their terminal entitlements as and when due without any hiccups.

“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 and 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,” Mr Obilana reiterated.

He advised the retirees to be mindful of fraudsters who come with the idea of unknown business and also implored them to be careful with the disclosure of information about their Bond Benefit Entitlement in order to not fall into the hands of people with ulterior intentions.

Mr Obilana also lauded Governor Babajide Sanwo-Olu for his efforts towards the plight of retirees in the state.

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