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Tag: Lagos retirees

  • Lagos pays 465 retirees over N1b pension bonds

    Lagos pays 465 retirees over N1b pension bonds

    • Prepares 1000 workers for retirement

    The Lagos State Government has once again demonstrated its commitment to the welfare of its workforce as it celebrated the 111th batch of retirees with the presentation of Retirement Bond Certificates of over N1billion.

    During the event, held at NECA House, Alausa, the Head of Service, Mr. Bode Agoro, represented by the Director of the Post-Service Department, Mrs. Bukola Durodola, advised the retirees to invest wisely and take advantage of post-service empowerment initiatives and wellness programmes provided by the State Government

    Agoro commended Governor Babajide Sanwo-Olu for approving N1.003billion for the payment of accrued pension rights to 465 retirees across the state’s civil service, local governments, State Universal Basic Education Board (SUBEB), the Teaching Service Commission (TESCOM) and parastatals.

    He noted that the gesture reflects the Governor’s compassion and dedication to ensuring that those who have served Lagos faithfully are not forgotten.

    He reminded the retirees that their pension benefits were designed to sustain them in retirement.

    Agoro lauded Governor Sanwo-Olu and LASPEC for maintaining a transparent and reliable pension administration process.

    In his welcome address, the Director-General of LASPEC, Mr. Babalola Obilana, expressed deep appreciation to the State Government for consistently prioritizing workers’ welfare despite prevailing economic challenges.

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    He noted that under the leadership of Governor Sanwo-Olu, Lagos has remained a model for pension administration in Nigeria, ensuring prompt and transparent disbursement of retirement benefits.

    Obilana reaffirmed LASPEC’s dedication to ensuring that every retiree who served the State receives their entitlements without delay.

    He said: “Our duty at LASPEC is to ensure that no one who has served Lagos faithfully leaves without receiving what is due to them. We have leveraged automation, data management, and collaboration with Pension Fund Administrators to enhance transparency and efficiency,” he said.

    He congratulated the retirees and encouraged them to invest prudently, remain active, and enjoy a peaceful and rewarding retirement.

    In his goodwill remarks, the Executive Director of LASPEC, Mr. Olumuyiwa Oshin, encouraged the retirees to “refire, not retire,” noting that retirement is not an end but the beginning of a new chapter filled with opportunities for service and fulfillment.

    Meanwhile, LASPEC has again prepared over 1000 public servants from the State Public Service for retirement.

    The would-be retirees were provided with detailed information and comprehensive assistance during the 29th Retirement Benefit Documentation Seminar in order to transition effortlessly to the next chapter of their lives.

    The Head of Service, Mr. Bode Agoro, said the sensitization programme marks the 3rd Seminar of its kind organized by LASPEC this year.

    He stated that such consistency demonstrates the importance placed on a smooth and efficient documentation process for all retirees and reinforces the State’s commitment to supporting its workforce through every stage of their service journey.

    Agoro assured the prospective retirees that the administration of Mr. Babajide Sanwo-Olu, the Governor of Lagos State, is steadfast in its unwavering commitment to guaranteeing their welfare and well-being, even after retirement.

    He said: “The main objective of this programme is to provide detailed information and comprehensive assistance for retiring Officers in order to transition effortlessly to the next chapter of their lives. It is of utmost importance that retiring officers take advantage of this seminar by listening attentively and asking relevant questions that will shed more lights on simplifying the processes of remitting their retirement benefits without delay.

    “Let me mention that the Lagos State Government appreciates your selfless service, sacrifices and commitment to our beloved State. Without a doubt, your expertise, experience, and institutional knowledge have shaped our public service and in appreciation, the Institution has deemed it fit to give the necessary assistance that will ease the process of remittance of your retirement benefit.

    “Let me also assure you that as long as your documentation is up to date, the Lagos State Government, through the Lagos State Pension Commission, will ensure prompt processing and remittance of your retirement benefits”, he said.

  • 742 Lagos retirees get N1.534b as benefits

    742 Lagos retirees get N1.534b as benefits

    Lagos State Government has paid N1,534,797,309.32 to 742 retirees in the 109th bond certificate presentation.

    Director-General of Lagos State Pension Commission (LASPEC), Babalola Obilana, said the amount covered their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

    He described the ceremony as ‘reaffirming the government’s commitment to your well-being’.

    “It is a symbol of gratitude and respect for the years of service you have all given. They are a tangible reflection of the government’s dedication to ensuring your well-being in retirement, just as you dedicated your careers to the service of Lagos State,” he noted.

    The DG admonished the beneficiaries to make use of the lessons learnt during the informative sessions on accessing their Retirement Savings Account (RSA), care for their health, as well as being prudent with their expenses.

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    Obilana thanked Governor Babajide Sanwo-Olu for supporting the pension obligations, and for the policies introduced to improve the lives of senior citizens.

    He added: “As we come together today, we reflect on the years of public service that have shaped not only your careers, but also the very fabric of our state.

    Each document processed, each law enforced, every policy implemented, and each citizen served is part of the remarkable journey you have all contributed to. Your commitment has been the foundation upon which our public institutions stand, and it is your hard work and sacrifices that have built the strong foundation of our beloved state.

    “To all of you present today, we acknowledge that your contributions have been immeasurable. You have faced numerous challenges, often in demanding environments, yet you have consistently demonstrated resilience, professionalism and commitment to the ideals of public service. Today, we not only celebrate the receipt of your retirement benefits, but also honour your steadfast dedication to the principles that guide our public service sector.

    “Today, Mr. Governor is reaffirming the government’s commitment to your well-being. Mr. Governor will be disbursing N1.535 billion to 742 retirees. This amount covers your past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.

    “I will also like to thank my dedicated team at LASPEC, whose work has ensured the efficient completion of necessary paperwork, calculations and processes. Their efforts have played a vital role in the smooth organisation of today’s event, and they truly deserve special recognition.”

  • Lagos pays another 488 retirees over N1b

    Lagos pays another 488 retirees over N1b

    No fewer than 488 retirees of the Lagos State Civil Service will be paid a total N1.007billion, the Director-General, Lagos State Pension Commission, Babalola Obilana has said

      He said the figure represents their accrued rights before the 2007 implementation of the Contributory Pension Scheme (CPS).

    He broke the news during the 108th batch retirement bond presentation in Ikeja, underlining the state’s commitment to securing the financial futures of retirees.

    Addressing retirees and dignitaries, Mr. Obilana thanked the workforce for their dedication to the state.

    He said the ceremony was a manifestation of the commitment of the government to the welfare and financial security of its workforce, noting that it signifies their obligations under the CPS, ensuring their retirees receive the benefits they have worked hard for throughout their careers.

    He pointed out that Lagos State had made a lot of progress in pension administration, adding that the CPS in Lagos remained one of the best in the country. According to him, LASPEC has continued to ensure that pensions are paid as and when due.

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    He said: “This 108th Batch joins a long list of retirees who have received their benefits promptly, upholding our promise of financial security to public servants,” he added.

    The DG equally appreciated the support being given by Governor Babajide Sanwo-Olu, for ensuring timely payments of pension obligations. He further said LASPEC has continued to promote pension literacy among stakeholders and retirees alike.

    “Looking ahead, LASPEC is committed to ensuring the pension system continues to meet the needs of current and future retirees, with adaptation to economic realities and embracing innovative solutions,” he said.

    The DG also appreciated the LASPEC’s team for their hard work in implementing the CPS and facilitating timely payments.

    He commended the Pension Fund Administrators (PFAs)), saying they had been responsive in attending to the needs of government workers.

    He advised retirees to spend their funds judiciously and invest wisely if they choose to do so.

    “Notably, Governor Sanwo-Olu’s administration has been making all attempts toward ensuring that retirees have gotten their pay on a monthly basis, which was started when he began to give such an assurance of governance in 2019.

    “His commitment has seen him offsetting all accrued pension liabilities he inherited, while by his promise, current retirees are paid as accrued.

    “For retirees who have yet to get their retirement benefits, such delays are usually due to documentation issues that can be sorted out once the beneficiary reports to LASPEC. It operates an open-door policy for all Lagos State staff in service and retired,” he said.

    Retirees present at the ceremony expressed appreciation for the state government’s dedication.

    One of the beneficiaries, Mrs. Asegere Olayinka, said: “This is a significant moment for us. The state has demonstrated genuine care and responsibility for its retirees, and I’m truly grateful. It is commendable that Governor Sanwo-Olu has kept his promise of ensuring that retirees are paid as soon as they leave service”, she stated.

  • 2,000 Lagos retirees get N4.5b accrued benefits

    2,000 Lagos retirees get N4.5b accrued benefits

    Lagos State Governor Babajide Sanwo-Olu has paid another N4.5 billion to 2,000 retirees in the 105th and last retirement bond certificate presentation.

    The governor, during the 103rd presentation of bond certificates, promised to settle all arrears and current pension liabilities in the public service by middle of the year. He fulfilled the promise yesterday.

    This implies the government owes no outstanding pension benefits, and civil servants will henceforth get their full pension benefits and gratuity immediately after retirement.

    The governor also launched a special health insurance scheme for all living retirees, who served the state.

    He said: “Today, we mark the 105th Retirement Bond Certificate presentation and I am pleased to present bond certificates worth N4,461,659,536.82 to 2,000 retirees from our civil service. This development marks a historic milestone as our state’s transition into a new era of Pension Administration known as ‘Pay-As You-Go’. From now on, all retirees of the state government will be paid as they retire, provided all procedures and approvals have been completed before retirement.

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    “We have strategically prioritised clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the state’s public service. These funds, along with their monthly contributions, have already been remitted into their Retirement Savings Accounts with the Pension Fund Administrators (PFAs).”

    The governor said Lagos was the first to embrace Contributory Pension Scheme (CPS) when it began in 2004, noting that the government has paid N141.2 billion to 35,191 retirees to date.

  • Lagos retirees get N1.5b pension

    Public service retirees in Lagos State under the Contributory Pension Scheme (CPS) have received N1.55 billion pension.

    In a statement, Lagos State Pension Commission (LASPEC) Director-General Mrs Folashade Onanuga said 287retirees were presented their retirement bond during the  67th Retirement Bond Presentation in Lagos.

    She said Governor Babajide Sanwoolu has continued to rise to the challenge of paying pension benefits promptly.

    According to her, the governor is committed to ensuring that the state  retirees did not labour in vain.

    She added that the government had been funding the accrued pension rights without which retirees would not be able to have access to the balance in their Retirees Savings Account (RSA).

    She implored the retirees to go for regular medical checkups to maintain their mental and physical well-being.

     

  • Lagos retirees lament delay in payment of entitlements

    Thousands of retirees in Lagos State are worried over  the delay in the payment of their gratuities and pensions.

    Speaking with The Nation, Chairman of the Lagos State Association of Retirees and Pensioners Mr Omisande Micheal appealed to the government to respond urgently to the demands of the retirees. He added that theywe re disappointed because after serving their fatherland meritoriously for over three decades, they have to wait endlessly to get their entitlement.

    He said the delay in the payment of their gratuities and pensions had affected them to the extent that some of them had to borrow money to maintain themselves.

    “Even when some of us  go for medical checkup, they cannot get money to take care of their health because government has no programme to assist the retirees in getting urgent medical attention.

    In addition to the delay, he said  the government had also not kept its promise of upward review of gratuities and pensions anytime there was increase in salaries and allowances in the civil service.

    Omisande Micheal said  some of those who retired in 2015 had been paid.

    His words: “We can deduce that from the payment of 137 retirees in January, the monthly allocation released for the payment of pensions  is grossly inadequate.

    “Out of the meagre sum released, 95 per cent was for payment of State Universal Basic Education (SUBEB) and local government while five percent was used to pay mainstream and secondary school retirees. How many people do you think five per cent can cater for”.

    Omisande urged Lagos State government to fulfill its promise on the  health insurance scheme for retirees.

    He also urged the government not to reduce the 25 per cent  being paid to the retirees in their lump sum.

    He appealed to Governor Ambode to increase allocation to Lagos State Pension Commission ( LASPEC), to accelerate the  payment of retirees’ entitlement and clear the back log of 2015 and 2016 pension and gratuities within the next two months on compassionate grounds.

    Mrs. Ogunkoya Josephine Funke, a civil servant at Lagos State Ministry of Education, District 3, Eti Osa, for 32 years and retired in October 2016 said:  “Since two years ago when I retired, I have been suffering due to the delay in payment of my gratuities and pensions.  I  have been having difficulty in getting needed medical attention because government has no concrete programme to assist retirees having serious health challenges.

    She said what madethe situation worst was that those in authority such as the permanent secretaries, commissioners, governors, deputy governors, got their entitlements within six months after leaving office with access to quality medical attention, while  many of them have served for shorter period when compared with an average civil servant.

    Mrs. Ayodele Abibat Okaah, a civil servants in Lagos said: “ It is unfair for government to treat us like this. We have been turned to beggars, yet, this is our country and we are asking for our rights.

    Mr. Olagbaye Johnson who retired as Director at SUBEB said he cannot understand why retirees are been shabbily treated.

    “It is discriminatory, It is apartheid, and we are not happy, we are calling on Lagos State government to expedite action and ensure that our entitlements are paid without further delay, “ he said.

    Meanwhile, the retirees have embarking on a one day prayer and fasting.

  • 156 Lagos retirees get N892m

    The Lagos State Government has paid Accrued Pension Rights of N892 million to the 50th batch of retirees under the CPS, the Governor, Akinwunmi Ambode has said.

    The governor, represented by the Commissioner for Establishments, Training & Pensions, Dr. Akintola Benson Oke, said pensioners were a vital part of this administration.

    Also, the government has credited the cash into the Retirement Savings Accounts (RSA) of 156 retirees.

    Earlier, LASPEC Director-General Mrs. Folashade Onanuga implored the beneficiaries to go through the handbills on Programmed withdrawal and annuity options provided by the state government.

    She explained the new development in the Programmed Withdrawal Pension benefit option on pension enhancement for those who had been on a static pension for a minimum of five years, and also the minimum guaranteed pension.

    The retirees praised governor for his consistency and urged that the  issuance of identification cards be fast-tracked to give them access to other benefits, such as health care.

  • Lagos retirees get N801 million

    Another set of 179 Lagos State retirees have received their accrued pension rights  of N801 million for last month, Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, has said.

    She said the beneficiaries were from the mainstream civil service, local government, the State Universal Basic Education Board, teachers establishment pensions office and other parastatals of government.

    Mrs. Onanuga spoke at the 36th Retirement Benefit Bond Certificate Presentation at Ikeja, Lagos.

    She said the payment was in fulfillment of Governor Akinwunmi Ambode’s promise to give priority to  retirees’ entitlements payment.

    While congratulating the beneficiaries, she implored them not to engage in frivolities, but to be mindful of the economic recession and be very prudent.

    She said: “Adjust your lifestyle to the economic realities of the time. This is the evening season of your life and it is expedient to manage your level of expenditure so as to reduce stress that can hamper your health. Most importantly, be contented and do not seek quick gains as many schemes designed to empower you are actually traps to deprive you of what you laboured for.

    “This administration is very much interested in retirees’ well–being and as such the LASPEC will still keep in touch with the retirees to get feedback on their lives out of office and how the state could help.”

    She stressed that there are other packages in the pipeline to make sure they live comfortably well in retirement.

    Head, Technical Department, Olawale Otun further sensitised the retirees on the importance of “Will writing”.

    He spoke on how to process their Retirement Benefit Bond Certificates and the two exit options available to them.

  • Better days are here for Lagos retirees

    Better days are here for Lagos retirees

    The recent release of N11 billion in cash assets and the planned issuance of retirement benefit bond certificate to retirees are indicators of the Lagos State government’s determination to improve the fortunes of its pensioners.  OMOBOLA TOLU-KUSIMO writes that these development represent a further consolidation of efforts of the previous administration in the state. 

    Governor Ambode
    Governor Ambode

    There is fresh hope for Lagos State retirees under the Contributory Pension Scheme (CPS) with  the recent release of N11 billion by the Lagos State Governor, Mr. Akinwunmi Ambode, to offset pension liabilities in arrears since 2010. The pension cash assets is  not only for Lagos State Government mainstream pensioners, but retirees in Local Governments, Parastatals and agencies.

    The former Director-General of LASPEC, Mr. Rotimi Adekunle Hussain, disclosed that in the eight years of the previous administration in the state, a sum of N33.57 billion was to be paid to 6,441 workers, who retired from the State Public Service under the CPS.

    He expressed optimism and confidence that the achievements of the former governor Babatunde Fashola’s administration in the Scheme will be consolidated by Ambode.

    It was, therefore, instructive when Ambode, determined to tackle any challenge hindering the smooth operation of the scheme as it relate to the state and enhance workers’ welfare, directed that pension cash assets in the sum of N11 billion be immediately deployed to outstanding pension arrears, which dated back to 2010.

    According to a statement by the Head of Service, Mrs. Shade Jaji, the development is part of efforts being put in place by the present administration, aimed at  finding a holistic solution to the issue of outstanding accrued pension rights due to retirees under the CPS pensions payment, and payment of pension entitlements under the Pay-As-You-Go (PAYG) pension scheme. The PAYE pension scheme was discontinued in April 2007.

    Jaji said the state government has developed a comprehensive payment plan to resolve all outstanding pension issues in the immediate short, medium and long terms.

    According to her, pension payments would be made to retirees of Ministries, Department and Agencies (MDAs) and Parastatals. “Also, payments to retirees from Local Governments and State Universal Basic Education Board (SUBEB), which will be made monthly, will commence from this month,” it was learnt.

    The Nation gathered that the efforts were outcome of painstaking deliberations by the Public Service Pensions Office, the Lagos State Pensions Commission, the Head of Service and the determination of Governor Ambode to reduce outstanding liabilities due to all retirees in the state public service.

    To further give hope to the retirees, the state , through its pension commission (LASPEC), will from tomorrow pay N2.2 billion Bond  out of the N11 billion set aside for the outstanding benefits to 658 retirees, who retired from the mainstream of the civil service, local government, SUBEB and parastatals of government.

    With these payments, the backlog of pension benefits owed by the state, leading to delayed payment of retirees benefits, is expected to be a thing of the past.

    The Director-General, LASPEC, Mrs Folashade Onanuga,  revealed that the 658 retirees to benefit from the N2.2 billion Bond will receive their bond from Governor Ambode at the 18th batch of Retirement Benefit Bond Certificate Presentation ceremony holding in Alausa tomorrow.

    The Retirement Benefit Bond Certificate is a written acknowledgment by the state government of debt owed to employees for their years in service under the Pay-As–You-Go pension scheme, which was discontinued on March 31, 2007. The state had already redeemed the figures on the certificates into the Retirement Savings Accounts (RSA) of the 658 retirees.

    She said: “This Retirement Benefit Bond presentation, the 18th consecutive one since the inception of the contributory pension scheme, signifies the strong commitment of the state government to the implementation and continued sustainability of the scheme. “

    The LASPEC boss added that it is gratifying to note that Lagos State has been up-to-date in the remittance of contributions.

    LASPEC Head, Corporate Affairs, Mukaila Sanusi further explained that Governor Ambode wanted to ensure that retirees are paid their benefits every month.

    “The situation before now is such that there were backlog challenge in payment of pension benefits in the state. The target by the present government is that retirees get their benefits same year they retire. They are able to go home with their entitlement immediately they retire,” he said, stressing that “this is why the government is paying outstanding pension liabilities”.

    “The N11 billion covers a huge chunk of the outstanding liabilities. More so, the fact that about 700 retirees will get their benefits tomorrow shows the seriousness of the current government to get things better than it has been before now,” he said.

    Chairman, Association of Retirees, Lagos State Water Corporation, Mr. Leo Onayemi, in an interview, said the LASPEC DG has informed them that the current government has given them N150 million to pay to some of their members.

    He said they are excited and hope that more of their outstanding benefits will be paid soon.

    A retiree from a local government, who identified himself as Adeniyi, said he was happy that his benefits would be paid.

    He said he has been struggling and saddened about the development before one of friends told him that government will soon begin payment.

    The Lagos State Pension Reform Law 2007 was signed into law on March 19, 2007, established for the Public Service of Lagos State, a Contributory Pension Scheme for the payment of retirement benefits of employees in the service to whom the scheme applies. The scheme covers all pensionable employees in the public service of the state.

     

  • Lagos retirees get N1.5b today

    To ensure that workers in Lagos State have a better and fulfilling life after retirement, its government will today pay another set of 234 retirees under the Contributory Pension Scheme (CPS), a sum of N1.547 billion, Director-General, Lagos State Pension Commission, Rotimi Adekunle Hussain, has said.

    According to him, the payment is to be made for their past service prior to the commencement of the CPS in 2007 in the state.

    Hussain, who made this known to reporters, said the retirees would be receiving their retirement benefits during the 15th Retirement Bond Certificates presentation, which held yesterday at the Nigeria Employers’ Consultative Association (NECA) auditorium in Lagos.

    He added that today’s ceremony is coming up in a space of one month after the 14th presentation that held in November.

    The LASPEC boss recalled that as at the 14th Bond Certificates presentation held in November this year, a total of 5,530 retirees had been paid a total sum of N28.93 billion.

    He stressed that Governor Babatunde Fashola’s administration, has since the adoption of the CPS in 2007, taken it as a duty and utmost importance to always organise the ceremony to present the retirees with their retirement benefits.

    He said the retirees are presently enjoying their retirement benefits under the scheme without any rancor or stress, noting that this is in a clear affirmation of the state’s commitment to the welfare of its workforce.