By Naijatruth 

Governor Babajide Sanwo-Olu of Lagos State

…pays over N56Bn, RSAs of 16,026 retirees in 4yrs

….to adopt “Pay As You Go” model before current admin ends

Lagos State Governor, Babajide Sanwo-Olu, has announced that the state has paid over N138 billion to 34,178 retirees of the state since the start of the Contributory Pension Scheme, CPS, in 2007.

He said that his administration has paid N56.5 billion to 16,026 retirees from various sectors of the state government since May 2019.

He also presented retirement bond certificates worth N3.1 billion to another batch of 1,013 retirees on Friday, at a ceremony organized by the Lagos State Pension Commission, LASPEC, in Agindingbi, Ikeja, Lagos.

He said, “I thank the retirees for their service and dedication to our state. Your hard work and sacrifice have contributed to the growth and development of this great state.

“Your welfare and wellbeing is top priority for us, both in active service and in retirement. Lagos State has been a leader in pension administration and good governance. We are committed to ensuring regular payment of your retirement benefits.

“We are also working to eliminate the backlog in the payment of Accrued Rights and achieve a ‘Pay As You Go’ model before the end of my tenure.

“My administration will continue to run an open government that acknowledges our diversity and promotes inclusion. No matter your age, gender, sex, tribe or special needs, as long as you are an employee of the Lagos State Public Service, we care about you.”

The Head of Service, HoS, in the state, Bode Agoro, praised Lagos State for being a pioneer in the administration of the CPS and the payment of pension benefits to retirees since 2007.

He said, “The governor, Mr. Babajide Sanwo-Olu, appreciates your service and cares about your retirement welfare. He is committed to ensuring timely payment of your retirement benefits.”

The Director General, LASPEC, Babalola Obilana, thanked Sanwo-Olu for his generosity and approval of the funds.

He said, “Retirement is not the end but the start of a rewarding time of rest, adventure and achievement of your long-term dreams.

“As we honour our retirees, let us also uphold the values and standards they have shown in their careers.
“Let us work together with excellence, innovation and cooperation to reach our common goals.”

Obilana also emphasized the need for proper financial planning and management in retirement.

He said, “Retirees need to make wise decisions about their finances to ensure lasting security and stability.

“As you choose between programmed withdrawal and annuity, please select an option that suits your financial plans and desires.

“LASPEC, as the regulator of pension matters in the state, is always improving its services to give Public Service Retirees the best.”
Obilana also appreciated the stakeholders, the PFAs/Insurance companies for their continuous support for the success of the CPS.

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