The Lagos State Government has reaffirmed its commitment to the welfare, financial security and wellbeing of retirees who dedicated their active years to the service of the state.
The government, under the leadership of Governor Babajide Olusola Sanwo-Olu and Deputy Governor Dr. Kadri Obafemi Hamzat, said it has continued to prioritise the timely payment of pension benefits and accrued rights to retired public servants under the Contributory Pension Scheme (CPS).
The Lagos State Pension Commission (LASPEC) disclosed that the state government has paid a cumulative N168.2 billion to more than 48,000 retirees from 2007 to date.
According to LASPEC, the administration has also disbursed N92 billion in accrued rights to over 25,000 retirees across the state between May 2019 and the present.
The government explained that accrued rights comprise both the gratuity and pension components owed to retiring officers, stressing that efforts have been intensified to ensure that both obligations are settled promptly.
As part of measures to strengthen the long-term financial security of workers, the administration increased pension contribution rates in 2020 to 10 per cent for employers and eight per cent for employees.
The government said the policy was designed to increase the pension funds available to workers upon retirement while strengthening the sustainability of the state’s pension scheme.
It further stated that additional funding had been released to accelerate the payment of accrued rights and address outstanding obligations to retirees.
According to the government, this commitment resulted in a landmark N5 billion payment made in July 2024 to 1,963 retirees in a single batch.
The intervention, it said, cleared the outstanding backlog of pension obligations under the CPS at the time.
The government reiterated that retirees remain an important part of the Lagos public service community and assured them of its continued commitment to protecting their interests and ensuring they receive the benefits due to them after years of service.
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