The Lagos State Government (LASG) has announced that it has streamlined processes to ensure immediate payment of retirement benefits to all civil servants upon their exit from the state’s Civil Service.
Governor Babajide Sanwo-Olu made this declaration during the 105th Batch Retirement Benefit Bond Certificate Presentation Ceremony organized by the Lagos State Pension Commission (LASPEC) in Ikeja.
Highlighting his administration’s commitment to retirees’ welfare, Governor Sanwo-Olu urged them to manage their benefits wisely and explore collaboration with service providers for investment opportunities.
“I am pleased to welcome you to this significant occasion marking the 105th Retirement Bond Certificate presentation ceremony by our pension commission. This event underscores our government’s steadfast dedication to our retirees and honors your years of dedicated service to our beloved state,” said Governor Sanwo-Olu.
He announced a shift to a new era of Pension Administration termed “Pay-As You-Go,” ensuring retirees receive timely payments upon completing all necessary procedures before retirement.
“We have prioritized clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability post-retirement,” he added, emphasizing the government’s commitment to both current and former workforce members.
Governor Sanwo-Olu also provided financial statistics, stating that since the inception of the Contributory Pension Scheme, the state has disbursed N141,242,852,606.49 billion to 35,191 retirees, with N59,701,420,500.22 billion paid to 17,039 retirees under his administration alone.
He further announced that 2,000 retirees would receive bond certificates totaling N4,461,659,536.82, alongside their monthly contributions remitted to their Retirement Savings Accounts with Pension Fund Administrators (PFAs).
In addition to financial entitlements, the LASG launched a Health Insurance Scheme through the Lagos State Health Management Agency tailored for retirees, providing access to a range of medical services.
Governor Sanwo-Olu commended Mr. Babalola Obilana, Director-General of the pension commission, and his team for their diligent work in implementing these initiatives.
In response, Mrs. Rachael Thomas, speaking on behalf of the retirees, expressed gratitude to the state government for prioritizing retirees’ welfare.
“Your dedication and hard work have not gone unnoticed, and it is our honor to ensure you receive the rewards and support you deserve,” Governor Sanwo-Olu concluded, wishing retirees good health, happiness, and fulfillment in their new phase of life.
