Yemisi Izuora
The Lagos State Government has confirmed the payment of N12.4bn to 2,815 retirees under the Contributory Pension Scheme (CPS) in eight months.
Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke, made the disclosure at the presentation of retirement benefit bonds to the 25th batch of the retirees in the state.
Oke said, “In the last seven months till February, a total number of 2,654 pensioners had been paid accrued pension rights of N11.4bn. In March, a total number of 165 retirees will receive Retirement Benefit Bond Certificates for accrued pension rights of N912m.”
The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said 165 retirees mainly from the Local Government/ State Government Universal Basic Education Board (where it has the greatest backlog) would have the sum of N912m credited into their Retirement Savings Accounts.
“In a period of eight months, this administration has been able to put smiles on the faces of a total number of 2,815 retirees and amount expended as accrued pension rights is approximately N12.4bn,” she said.
To ensure the backlog was cleared, she said that since August last year, the commission had been crediting the RSAs of retirees with their accrued pension rights on a monthly basis.
From August last year till February this year, she said the state through LASPEC had paid the sum of N11.44bn into the RSAs of 2,654 retirees.
Despite the fact that there were many projects contending for states meager resource in the face of the dwindling oil prices, she appreciated the commitment of the state government in making its retirees happy.
According to her, salaries are paid on the 21st of every month, adding that the retirees in the state under the CPS were being paid their dues.
She urged the retirees to be mindful of their decisions ranging from their benefit options of either programmed withdrawal or annuity as well as how to utilise the lump sum they would get.
Onanuga advised the retirees to put the funds in ventures that could give them returns.
She said, “You also need to be mindful of the fact that due to the harsh economic climate, a lot of fraudsters are on the prowl. Do not engage in ventures you are not conversant with.”
The director-general also warned the retirees not to pay money to anyone promising to help them collect any short paid amount from the state or Federal Government because it would be deceitful.