THE Lagos State Government has paid N1.13 billion as accrued pension rights to 259 retirees for July, the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, has said.
In a statement after a meeting by the commission with Pension Fund Administrators (PFAs) and Insurance Companies at Alausa, Ikeja, he said the government had complied with the financial obligations from the inception of the Contributory Pensions Scheme (CPS) in relation to the monthly funding of the Retirement Savings Accounts (RSA) of employees and the payment of death benefits to the next-of-kin of employees who die in active service.
He expressed optimism that Governor Babajide Sanwo-Olu, in spite of the financial challenges would not relent on his promise to remit accrued pension rights into the RSAs monthly because of his commitment to the welfare of the state’s workers and those who are retired.
Obilana promised to monitor the monthly payments by all parastatals of the state government through Compliance Inspection Exercise to ensure deductions from salaries and that employers’contributions are remitted into employees’ RSAs.
While imploring the pension service providers to improve on their service delivery to retirees, he urged them to ensure prompt payment of Retirement Bond Certificates released to them for retirees monthly
— to thestreetjournal.org