Lagos State Government has approved N1.92 billion for the payment of accrued pension rights to 444 retirees of the Lagos State Public Service.

The retirees were presented bond certificates that will enable them access their money during the 71st batch Retirement Bond Certificates presentation held at the NECA Auditorium in Alausa, Lagos, according to a statement made by the Lagos State Pension Commission (LASPEC).

LASPEC Director-General, Mrs Folashade Onanuga, reiterated that from inception of the Contributory Pension Scheme (CPS), the state government has been complying with the financial obligation demanded by the scheme, as it relates to monthly funding of Retirement Savings Account (RSA) of employee’s payment and death benefits to employees who die in service.

She disclosed that some beneficiaries and amount involved were the biggest so far in the payment of accrued pension rights.

She stated that Governor Babajide Sanwoolu’s administration is committed to retiree’s welfare and has demonstrated it with the pension bail of N13 billion approved in the  2020 budget.

She said the governor had also increased the redemption funding rate from five per cent to 10 per cent of total emolument of workers.

She expressed optimism that the monthly payment of entitlements to retirees would continue in Lagos State, such that the issue of retirees waiting for months before being paid would be a thing of the past.

She advised the retirees to be prudent and be aware of their health status so that they could live a healthy long life because there are various ailments that come with old age.

She informed the beneficiaries that those of them above 60 would be enrolled for the health Insurance Scheme, the premium of which would be paid by the government.

An official of the Lagos State Health Management Agency, Emeka Nwagunor further explained benefits to be enjoyed in the health scheme which will be obtainable in all general hospitals, private hospitals and all primary health care centers.

He said they could enjoy 100 per cent health care on treatment of some health challenges, which covers certain categories of surgery and hernia, at government-owned health facilities, including general hospitals  as well as designated private hospital.

He added that the scheme also covers, high blood pressure, arthritis, typhoid, malaria, x-ray for hand and legs.

To cut fares, he urged the retirees to visit the nearest hospital.

Many of the retirees expressed deep gratitude to the government, particularly Governor Sanwo-Olu for coming up with the various surprise benefits announced to them, which were declared to be first of its kind in Nigeria.

Mrs Abike Olubamido, who spoke on behalf of other retirees, applauded the governor for having the interest of the retirees at heart. She commended LASPEC officials for their diligence.