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Contributory Pension Scheme: Lagos State spents N150billion on employees pension rights in 10 year

L-R: Mrs Folashade Onanuga  DG LASPEC; Wife of Governor of Lagos, Mrs Bolanle Ambode and Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke at the event today.

 

 

 

 

BY NKECHI NAECHE—-Lagos State Government on Tuesday said it has spend about N150 billion under the Contributory Pension Scheme (CPS) in a period of ten years.

The Honourable Commissioner, Lagos State Ministry of Establishments, Training and Pensions, Dr. Akintola, Benson Oke, disclosed this at the 46th presentation of Retirement Benefit Bond Certificates to 286 retirees in Lagos, adding that today, the sum of N1 billion will be credited into the Retirement Savings Account (RSA) of the 46th batch of retirees of the Contributory Pension Scheme.

Wife of Governor of Lagos, Mrs Bolanle Ambode presenting bond certificate to one of the retirees at the event while others looks with amusement.

 

He added that 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Presentations in 2010, the State has paid accrued pension rights of over N66.5 billion to more than 15,709 retirees/withdrawn staff.

L-R: Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke and Chairman House committee Establishments, Training and Pensions, Hon. Adebayo Famakinwa at the event today.

Some retirees at the event who are to recicive their bond certificates at the event.

 
His word: “The State Government is also 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.”
He said with the commitment and performance, exhibited by the government, it is not surprising that retiring public officers in Lagos State now look forward to retirement with more confidence and joy.
He however reassured the retirees that the State Government through LASPEC will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes) further and additional support and assistance that will add value to their lives in retirement.
“Among others, this commitment is in fulfilment of the declaration by His Excellency who, in his Inaugural Speech said: “I shall run an open government of inclusion that will not leave anybody behind. No matter your age, sex, tribe or any other status as long as you reside in Lagos, we will make Lagos work for you.”
Speaking further the Director-General LASPEC, Mrs Folashade Onanuga, said since the inception of the contributory pension Scheme in Nigeria, Lagos State has remained focused and resolute to the ideals of the scheme, stressing that resources have been deployed to ease pension administration in the current dispensation.
According to her, structures are on ground in the pension transitional agencies i.e. TEPO, CSPO and Local Government Pensions Board to ensure that retirees under the discontinued Pay As You Go Pension get their pensions monthly at the same time salaries are paid to active workers.
“Lagos state has consistently ensured that Pension contributions are given a first line charge treatment against the State’s consolidated revenue and we are happy to note that we are the only State Government in the Federation that does not owe monthly pension contributions. Both employee and employer’s contributions are remitted into individual employee’s Retirement Savings Account after salaries are received.”

 

 

 

 

 

 

 

 

 

 

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