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Lagos pays N795 million to retirees

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N795 MILLION accrued pension rights for the month of September 2018, has been paid to another batch of public service retirees under the Contributory Pension Scheme by the Lagos State Government.

Addressing the retirees at the 55th Retirement Benefit Bond Certificate Presentation Ceremony in Lagos, the State Commissioner, Ministry of Establishments Training and Pensions, Dr. Akintola Benson-Oke said 9,804 retirees have received accrued pension rights of N40,245 billion into their Retirement Savings Accounts (RSA) from inception of the Governor Akinwunmi Ambode-led administration.

He reiterated that despite the huge funding obligations of the Contributory Pension scheme, Governor Ambode is committed to the well being of the pensioners in retirement, stressing that, for this reason, funds are released monthly into the Retirement Savings Account of employees and also accrued rights of retirees are paid to enable them have access to their RSA.

Earlier, the Director-General, LASPEC, Mrs. Folasade Onanuga said that the State Government appreciates the retirees’ service to the State and wishes them well.

She also informed the retirees on the move by the National Pension Commission to fulfill the provisions of the Pension Law on guaranteed Minimum Pension for life for retirees under the Programmed Withdrawal benefit option.

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