LASG pays retirees accrued sum of N18.5bn

The Lagos State Government, through Lagos State Pension Commission (LASPEC), has paid a cumulative sum of N18.598 billion Pension Accrued Rights to 4,466 retirees, under the Contributory Pension Scheme in 14 months, from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pension Office (TEPO) and other Parastatals.

Speaking at the 31st Retirement Benefit Bond Presentation Ceremony, which took place recently at LASPEC Office, Alausa, Ikeja, the Director-General, Mrs. Folashade Onanuga said the payment has been made possible because of the commitment of the present administration to the welfare and wellbeing of pensioners.

Mrs. Onanuga advised them to take care of their health and be wary of pension fraudsters, saying, “Please do not invest your money in ventures you know nothing about in an attempt to make quick and huge profit. The higher the gain, the bigger the risk, and at your age you should not be a risk lover as it may affect your health adversely”.

In a related development, the Commission has also paid N42.3bn as insurance benefit to named beneficiaries of deceased employees in line with the Law which stipulates that 320% of the terminal salary of a deceased staff should be paid, in the first instance, to alleviate the immediate needs of the family members left behind.

In appreciation, one of the beneficiaries, Mr. Amos O.O. commended Lagos State Government for the prompt payment of pension in view of the economic downturn in the country and applauded the staff of LASPEC for their dedication, patience and support in the discharge of the duties to pensioners.

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