The Lagos State Government recently disclosed that it has paid over N1bn into the Retirement Savings Accounts of 246 retirees in its public service.
The statement said the beneficiaries included employees from the mainstream service, local government service, State Universal Basic Education Board, Teaching Service Commission and other parastatals of the State Government.
The Director-General, Lagos State Pension Commission, Mr Babalola Obilana, stated that since the inception of the present administration, the government had consistently paid retirees their monthly entitlements including the payment of some pension backlogs inherited from previous administrations.
While addressing retirees at the 80th retirement benefit bond certificates presentation ceremony held on Friday in Lagos, he congratulated the retirees for rendering meritorious service to the state.
He informed the retirees that despite the state of the nation and the aftermath of the global COVID-19 pandemic, the government in line with the vision of a greater Lagos and its commitment to financial freedom for Lagos State retirees ensured the payment of pension entitlements.
“This shows the commitment of Mr Governor to the welfare of pensioners in the state,” he said.
The director-general enlightened the retirees on the two payment options available for accessing their monthly pension entitlements – programmed withdrawal and life annuity.
He urged the retirees to understand the details of the two options.
He also advised them to choose the most appropriate option for them.