The Lagos State Governor, Mr. Babajide Sanwo-Olu, has approved N1.157 billion for the payment of accrued pension rights to 368 public service retirees.
The new Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana disclosed this while giving update on payments of pension for last month.
Commending Sanwo-Olu for his commitment to ensuring that retirees got paid their terminal entitlements promptly, he said, “To ensure the safety of beneficiaries in view of the Covid-19 pandemic, all bond certificates for May have been released to the Pension Fund Administrators (PFA).”
“The PFA will invite beneficiaries in tens for the exit meeting and grant access to their Redemption Savings Account (RSA) for the computation of their lump sum and monthly pension.”
The DG, however, assured retirees that he would improve on the accomplishments of his predecessor, Mrs. Folashade Onanuga.
“Retirees that were yet to collect their bond certificates will be paid soon, as payments are structured based on date of exit and grade level,” Obilana said.
While pledging that no retiree would be forsaken or forgotten, the DG advised retirees to be meticulous with how they invest their money, so that they could live a stress-free life in old age.
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