Lagos Disburses N740m To 255 Retirees – Gistmaster

The Lagos State Government has disbursed the sum of N742 million to 255 retirees for the month of August, 2017.

Governor Akinwunmi Ambode, who was represented by the Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke at the 42nd Retirement Bond Certificate Presentation in Lagos, over the weekend, said Lagos cares and that is why it is committed to being up-to-date in pension payment, while imploring them not to live extravagantly.

In two years, from August 2015 to August, 2017, he said, the administration of Mr. Akinwunmi Ambode through Lagos State Pension Commission (LASPEC) has been able to pay over N30 billion to retirees in form of accrued pension rights into the Retirement Savings Accounts(RSA) of 7,232 retirees.

Director- General of Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, advised the retirees on healthy living, by using the medium to educate the beneficiaries who have relatives and friends still in service on the importance of making Additional Voluntary Contributions (AVC) into their RSA.

According to him, “The deduction field for AVC is now on the State Government’s Oracle HR application. The AVC will guarantee more comfortable life for retirees as the funds are invested and can be accessed immediately by a retiree on retirement. It can also be used to boost pension received in retirement.”

Retirees paid are from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) under the Contributory Pension Scheme(CPS).

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