Lagos state funds employees’ RSAs with N166billion payment

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Matthew Otoijagha

Lagos State Government has funded its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) in a period of 11, up to N166 billion, the Commissioner for Establishment and Pension, Mr. Akintola Oke Benson, has said.

He disclosed this today at the 15th Retirement Benefit Documentation Seminar for Employees’ in the state public service due to retire between January-June, 2019, in Alausa, Ikeja, Lagos.

He noted that as at October, 2018, the total contributions remitted to Pension Fund Administrators (PFAs) from April, 2017 to date was N91 billion, adding that in the last 38 months, from August, 2015 to October, 2018, the state has paid accrued pension rights of N40.93 million to 9,982 retirees, while accrued pension rights of N74.58 billion has been paid to 17,391 retirees since commencement of entitlements in 2010.

He maintained that the state government has the interest of retirees at heart, hence, the commitment of a lot of money for the payment of pension entitlement to the retirees since the inception of the CPS in the state.

Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, said, the State is set to commence health insurance for its workers and would extend such gesture to the retirees of the state civil service. “This is because health is wealth and we want to ensure that our retirees are in the best health condition to enjoy retirement. Lagos State has the interest of both its workers and exworkers in mind.”

While calling on the would be retirees who have a terminal ailment to submit a medical report alongside their documents when processing their pension, she promised that the state government would give such retirees preferential treatment so that they can take care of their health.

The state government, through LASPEC, she said, will assist its retirees to get their respective pension entitlement as and when due, urging workers who will soon retire to always ensure that they submit the needed documentation six months before retirement to ensure that necessary approvals are made.

She noted that the state government will not forget this gesture and will always send them birthday gifts on their respective birthdays.

Speaking in the same vein, the Permanent Secretary, Ministry of Establishment and Pension, Mrs. Rhoda Ayinda, urged participants at the seminar to listen careful to understand the two exit option.

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