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12/20/2016

LASG pays over N55, 941billion accrued pension rights.

LASG pays over N55, 941billion accrued pension rights

The Lagos State Government has paid accrued pension rights of over
N55. 941billion to over 12, 426 retirees since the commencement of
payment of entitlements in the Contributory Pension Scheme
dispensation.
The State Commissioner of Establishments, Training and Pensions, Dr.
Benson Oke Akintola disclosed this today in Ikaja while speaking at
the 11th Retirement Benefit Documentation Seminar for employees’ who
are due to retire from the Lagos State Public Service between January
- June, 2017, adding that this speaks volume about the importance
placed on ex-employees by the State.
He said that this Government is committed to workers’ welfare and
therefore will ensure that their entitlements are paid promptly.
According to him, “Many employers of labour and indeed, many State
Governments do not see the need to prepare their employees for a new
life. This Administration however, is a people oriented one and we
have resolved that everyone who has worked diligently for the State
has to be paid his dues, as soon as possible and also be prepared for
future challenges”.
Speaking earlier, the Director General, Lagos State Pension
Commission, Mrs. Folashade Onanuga said that the present
administration of had expended N21.929 billion as accrued pension
rights in the last sixteen months, stressing that the State Government
has not, at anytime or in anyway, shirked in her responsibilities and
commitment to the regular funding of the employees’ Retirement Savings
Accounts.
She advised the prospective retirees to have a savings culture, if
they want to enjoy life in old age, saying “Funds reduce in old age,
but expenses soar as health challenges associated with age make
demands on the meagre resources”.
The Director General said the Commission is set to pay another batch
of retirees in this month of December 2016, but however appealed to
prospective retirees to be wary of pension fraudsters.
The Retirement Benefit Documentation Seminar is a bi-annual event
which is intended to prepare employees who would be retiring, for a
life of financial independence. It is also aimed to educate them on
how to manage their health in retirement as well as early
documentation requirement, amongst others.

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