By Olasunkanmi Akoni

As part of efforts to ensure prompt payment of terminal entitlement, Lagos State Government, yesterday presented bond certificates worth N2.2 billion as payment of retirement benefit to 658 retirees.

Speaking at the 18th Retirement Benefit Bond Certificate Presentation ceremony at the NECA House, Alausa, Ikeja,the Lagos State Governor, Mr. Akinwunmi Ambode, however, warned all the state government parastatals that have not fully complied with the provisions of the Lagos State Contributory Pension Scheme, CPS, under the state Pension Reform Law by regular remittance to immediately commence their contributions into the employees Retirement Saving Account without further delay.

The Governor, who was represented by his deputy, Dr. Mrs. Idiat Oluranti  Adebule, described the payment of the benefits as indication of the present administration’s passion to enhance workers’ welfare even as he reiterated his commitment to look into the outstanding payments  in the state public service.  Addressing 230 retirees from 12 state government parastatals, whose pension rights have already been accredited into their retirement saving accounts, Ambode said a total liability of N761.828 million is now being absorbed by the state government on behalf of the retirees.

He said: “We are very resolute in forging ahead with the contributory pension scheme. With the mechanism for guaranteeing the safety of funds contributed in place by the regulatory agencies. The contributory pension scheme remains one of the best thing democracy has bequeathed on Nigeria workers.

The scheme is sustainable as it meets the challenges of the past pension scheme administration which, being a non-contributory, relied totally on budgetary allocations of government.”

In her address, the Director-General, Lagos State Pension Commission (LASPEC)  Mrs. Folashade Onanuga, assured that retirees who have not been paid their entitlement would soon have financial empowerment as Ambode had vowed to look into their case and ensure they all received their  retirement benefits.

Onanuga also noted that the Governor had earlier in the month graciously approved the release of the sum of N11 billion to meet the outstanding pension liabilities of retirees, adding  that the fund would be disbursed on monthly basis, starting from this month, to immediately bring succour to the retirees on the waiting list.

The Retirement Benefit Bond Certificate is a written acknowledgement by the state government of debt owed to employees for their years in service under the Pay-As–You-Go pension scheme which was discontinued on the March 31, 2007.  The state government had therefore, redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees.