Lagos State Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson Oke, said N11.75 billion has been paid to pensioners in the last 12 months as terminal entitlements, adding that the state government’s funding of employees’ pension rights under the Contributory Pension Scheme since inception amounted to N138 billion.
Oke, who stated this during a media briefing as part of activities marking the second anniversary of Governor Akinwunmi Ambode, said the Lagos State Pension Commission (LASPEC) had paid N11.754.082 billion into the Retirement Saving Accounts (RSAs) of 2886 retirees.
He said 1291 of the retirees were from the local government and State Universal Basic Education Board (SUBEB); 697 from TEPO; 887 from the mainstream service and 11 from parastatals.
“There have been regular deductions of 7.5 per cent from the salaries of staff and corresponding 7.5 per cent by the state government into their RSAs with their appointed PFAs. As at March 2017, these deductions had cumulatively risen to N78.592 billion since the inception of the scheme in 2007.
This administration has not relented in the bailout of the local government and SUBEB retirees. The Governor gave instructions for state government funds to be utilised to pay retirees from local government,” he added.
Mr. Oke also disclosed that the state government through the commission has paid beneficiaries of deceased employees insurance benefit worth N170 million.
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