•Lagos pays 3,489 retirees N19bn
Lagos State Governor Babatunde Fashola will present Retirement Bond Certificates to 580 retirees under the Contributory Pension Scheme on November 8.
This is even as the state government said it had paid N18 billion into Retirement Savings Account of 3,489 retirees.
In a statement by the Director-General of the Lagos State Pension Commission, Mr. Rotimi Adekunle Hussain, the presentation of the certificates would hold at the Nigeria Employers' Consultative Association (NECA) Auditorium, Ikeja.
Hussain said the ceremony, which is the ninth edition, is consistent with the esteemed tradition of Fashola's administration to always celebrate and appreciate its retirees for serving the state meritoriously.
. Hussain explained that the "Retirement Bond," which represents pension obligations made up of actuarially determined gratuity and pension benefits up to 31st March, 2007 under the PAYGO scheme, would be credited into the Retirement Savings Account (RSA) of each retiree before the Bond Certificates presentation ceremony.
He assured employees that the Lagos State Pension Reform Act 2007 was aimed at protecting the retirement benefits of workers, promote good pension administration and reduce the risk mostly associated with the previous pension laws to the barest minimum.
He said before now, the government had paid N19 billion into the Retirement Savings Account of 3,489 retirees.
Governor Babatunde Fashola has done well whem it comes to that area so far. Kudos to him