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Lagos pays over N1b to 218 retirees

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Lagos State Government says it has paid over N1billion retirement benefit bond into the Retirement Savings Account (RSA) of 218 retirees under the state public service for August.

The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, made the disclosure yesterday at the 78th Batch Retirement Bond Presentation in Lagos.

He said N1.01 billion was paid, adding that the commission would continue to be resolute in forging ahead with the Contributory Pension Scheme (CPS).

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Obilana noted that the scheme was sustainable and had resolved the challenges of the past pension scheme administration which, being non-contributory, relied on budgetary allocations from the government.

According to him, the state government through LASPEC is committed to ensuring that retirees are paid their terminal entitlements as and when due without any hiccups.

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