Lagos State Pays N57.7 Billion in Pension Benefits to 16,340 Retirees Over Five Years

The Lagos State government has disbursed a total of N57.7 billion in pension benefits to 16,340 retirees since the commencement of Governor Babajide Sanwo-Olu’s administration in May 2019.

The disclosure came from Mr. Afolabi Ayantayo, the Commissioner for Establishments, Training, and Pension, during the 102nd Retirement Presentation held by the Lagos State Pension Commission (LASPEC) in Lagos on Tuesday.

The beneficiaries encompass retirees from various sectors, including Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM), and state government parastatals. Commissioner Ayantayo emphasized that Lagos State has been at the forefront of efficiently managing the Contributory Pension Scheme (CPS) since its inception in 2007, demonstrating a commitment to meeting pension obligations.

Expressing gratitude for the retirees’ hard work, Ayantayo stated, “The state government is truly grateful for your hard work and recognizes the need to protect your retirement benefits.” He highlighted the government’s commitment to the CPS, aiming to ensure retirees receive regular income during their retirement.

The commissioner presented retirement bonds during the ceremony, emphasizing that they symbolize enduring gratitude and respect for the retirees’ years of dedication. Ayantayo remarked, “The bonds you have forged, the wisdom you have shared, and the legacy you have built would continue to inspire us.”

Acknowledging the retirees’ service, the commissioner assured that the state government remains dedicated to implementing policies supporting their well-being.

The Lagos State Pension Commission (LASPEC), established by the Lagos State Contributory Pension Scheme Law 2007, plays a crucial role in regulating, supervising, and ensuring effective pension administration in the state public service.

The objectives of the Pension Reform Law include assisting employees in saving for retirement, timely payment of retirement benefits, and establishing rules for pension administration in the public service.

The law also introduced a group life policy for death benefits during service and a Retirement Bond for employees with past service benefits, along with a Redemption Fund to meet bond payment liabilities.

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