October 20, 2018

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Lagos pays N649m to 119 retirees

Lagos pays N649m to 119 retirees

In continuation of its monthly pension payment to retirees, the Lagos State Government, through the State Pension Board, has paid N649 million to another batch of 119 retirees from various Ministries, Departments and Agencies (MDAs) of the State Government.

Speaking at the 23rd Retirement Benefit Bond Certificate Presentation which took place the Director-General, LASPEB, Mrs. Folashade Onanuga, said the presentation brings the number of retirees paid between August 2015 to January 2016 to 2,409 while total accrued pension rights paid by the State Government during the same period is N10.652 billion.

She explained that accrued pension rights are gratuity and pension entitlements due to staff that transited to the contributory pension scheme but had served under the ‘Pay As You Go’ Pension scheme dispensation.

While reminding the beneficiaries to take good care of their health and invest the money wisely, Onanuga advised them to be wary of fraudsters and not accept any business proposal they don’t understand.

“If you cannot think of any business at the moment, keep your money in fixed deposit accounts with banks,” she said.

Responding, a representative of the retirees thanked the Management and staff of the Pension Board Office for the warm reception they always accorded them each time they visit the Office and prayed for the success of the present administration of Akinwunmi Ambode.

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