The Lagos State Government has disbursed N742 million pension payments for the month of August.
A statement by the Head of the Lagos State Pension Commission (LASPEC), Mrs Basirat Lawal, on Monday, said the money was released for the payment of 255 retirees.
“Lagos cares and that is why it is committed by being up-to-date in pension payments. This administration advised the retirees not to live extravagantly.
“In two years, from August 2015 to August 2017, the administration of Governor Ambode through LASPEC has paid over N30 billion to retirees in form of accrued pension rights.
“The Accrued rights were paid into the Retired Savings Accounts (RSA) of 7,232 retirees.
“This is an achievement no other state has attained,” she said.
Lawal said that the beneficiaries were also urged to counsel relatives and friends still in service to embrace the Additional Voluntary Contribution (AVC) into their RSA.
“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”.