Lagos State Government paid more than N1 billion into the Retirement Savings Account (RSA’s) of over 200 retirees in the state’s public service for October.
Director General, Lagos State Pension Commission (LASPEC), Mr Babalola Obilana disclosed this in a statement on Sunday in Lagos.
“A total of one billion, three million, three hundred and seventy-four thousand, three hundred and seventy-two Naira, sixty-eight kobo was paid,” Babalola said.
He added that the beneficiaries included employees from the mainstream service, State Universal Basic Education Board (SUBEB), Local Government Service, Teaching Service Commission (TESCOM) and the State Government other parastatals.
The Director General state that Governor Babajide Sanwo-Olu has consistently paid the monthly entitlements of retirees and backlog of some unpaid pension inherited from previous administrations.
The Director General said that in spite of the state of the nation and aftermath of the global COVID-19 pandemic, Lagos state government in line with the vision of a greater Lagos and its commitment to financial freedom for the state’s retirees ensured the payment of pension entitlements.
Obilana congratulated all the retirees for rendering meritorious service to the state.
“This shows the commitment of Gov. Sanwo-Olu to the welfare of the pensioners in the state,” Babalola said.
The director-general enlightened the retirees on the two payment options available for accessing their monthly pension entitlements which is the Programme Withdrawal and Life Annuity.
He urged the retirees to understand the details of the two options and choose the most appropriate option suitable for their situation.