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Lagos Okays N1.16bn To Pay Retirees

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Lagos Okays N1.16bn To Pay Retirees

The Lagos State Government has approved the release of N1.16bn for the payment of accrued pension rights to 368 public service retirees.

This was disclosed by the Director-General, Lagos State Pension Commission, Mr Babalola Obilana, while giving an update on payments of pension for the month of May 2020, in his office in Lagos.

A statement from LASPEC said he appreciated the Lagos State Governor, Mr Babajide Sanwo-Olu, for his commitment to ensuring that retirees got paid their terminal entitlements as and when due.

He said to ensure the safety of all beneficiaries during the COVID-19 pandemic, all bond certificates for May had been released to the Pension Fund Administrators.

According to him, the PFAs will invite beneficiaries for the exit meeting and grant access to their redemption savings account for the computation of their lump sum and monthly pension.

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Obilana assured retirees that he would sustain and improve on the accomplishments of his predecessor.

He said retirees who were yet to collect their bond certificates would soon be paid, as payments were being structured based on date of exit and grade level.

“They are neither forsaken nor forgotten,” he said.

Obilana advised retirees to be careful when investing their money, so as to live a stress-free life in old age.

The director-general urged the retirees to scan and send all their documents to the agency through its e-mail address.

According to him, the retirees can also check LASPEC portal to confirm if their retirement bond certificates are ready.

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