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Lagos state pays over N1bn to 286 retirees

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By Rosemary Onuoha

The Lagos State government has announced the payment of over N1 billion to 286 Contributory Pension Scheme, CPS, retirees of batch 46.

Governor Akinwummi Ambode, disclosed this at the retirement benefit bond certificate presentation ceremony in Lagos.

Lagos State Governor, Mr. Akinwunmi Ambode

Represented by the Commissioner Establishments, Training and Pensions, Dr. Akintola Benson Oke, the governor noted that the money had been credited into the accounts of the retirees.

He said, “The State Government is very much committed to the regular contribution of the monthly deduction of 7.5% from the salary of every employee and the payment of the employer’s 7.5% contribution.

As at November, 2017 the total contributions remitted to the PFAs from April, 2007 to date is about N83 billion. In essence, the Lagos State Government’s funding of employees pension rights under the Contributory Pension Scheme in a period of 10 years is about N150 billion; and today, the sum of N1 billion will be credited into the Retirement Savings Account of the 46th batch of retirees of the Contributory Pension Scheme.”

According to him, in less than three years – August, 2015 to December, 2017, the state had paid accrued pension rights of N33 billion to 8,300 retirees, stressing that accrued pension rights previously paid before the current administration (2010 to mid- 2015) amounts to N33, 645 billion to 7,409 retirees and that since the commencement of the Retirement Benefit Bond Certificate Presentations in 2010, the State has paid accrued pension rights of over N66.5 billion to more than 15,709 retirees/withdrawn staff.

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