The Lagos State Government has disbursed N740 million in accrued pension rights to 348 retirees.
Director General of the Lagos State Pension Commission (LASPEC), Babalola Obilana, but confirmed this during the presentation ceremony for the 107th batch of retirement bond certificates in Lagos.
Obilana explained that the payment covers the retirees’ past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
He emphasised the state’s commitment to supporting retirees throughout their post-service journey and commended Governor Babajide Sanwo-Olu for consistently upholding pension obligations.
Highlighting the progress made under Governor Sanwo-Olu’s administration, Obilana noted, “Lagos State now pays retirement benefits in the same year our officers retire, which is a significant accomplishment reflecting our dedication to the governor’s goal of financial security for retirees.”
LASPEC has also introduced sensitisation programs aimed at educating current employees and near-retirement staff on the CPS and essential retirement documents.
These events featured financial literacy experts to prepare retirees for effective financial management in their new phase of life.
Obilana further noted that the state has implemented free health insurance and subsidized public transportation for retirees, demonstrating the government’s commitment to their welfare.
In her remarks, one of the beneficiaries, Funmilayo Aiyelabola, expressed gratitude to the state government for prioritizing retirees’ interests.
She also commended LASPEC and the Pension Fund Administrators for their professionalism and support in processing the retirement benefits.
The ceremony celebrated the contributions and legacy of the retirees, recognizing their dedication to the growth and development of Lagos State.
Obilana urged the retirees to embrace this new chapter with enthusiasm, pursue their dreams, and continue making meaningful contributions to their communities.
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