Lagos State Governor Mr Babajide Sanwo-Olu has approved N1.157 billion for the payment of accrued pension rights to 368 public service retirees.
The new Director-General, Lagos State Pension Commission (LASPEC) Mr. Babalola Obilana made this known while given update on payments of pension for last month.
He lauded the governor for his commitment to ensuring that retirees got paid their terminal entitlements promptly.
He said: “To ensure the safety of beneficiaries in view of the Covid-19 pandemic, all bond certificates for May have been released to the Pension Fund Administrators (PFA) who will invite beneficiaries in their ten’s for the exit meeting and grant access to their Redemption Savings Account (RSA) for the computation of their lump sum and monthly pension.”
He assured retirees that he would improve on the accomplishments of his predecessor, Mrs. Folashade Onanuga.
Obilana said retirees that were yet to collect their bond certificates would be paid soon, as payments are structured based on date of exit and grade level.
He noted that no retiree would neither be forsaken nor forgotten.
He advised retirees to be careful how they invested their money, so that they could live a stress-free life in old age.
