Lagos State pays N61bn in retirement benefits

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LAGOS State has paid a total of N61 billion to its retirees since commencement of the retirement benefit bond certificate presentations in 2010.

The state Governor, Akinwunmi Ambode, who disclosed this at the pension conference organised by Pensionscope in Lagos last week, said his government is in the forefront in meeting pension obligations to retirees.

Ambode, who was represented by the Commissioner, Lagos State Ministry of Establishments, Training & Pension, Dr. Akintola Benson Oke, said that retirees no longer have worries on retiring, saying, “It is not surprising that retiring public officers now look forward to retirement with more confidence and joy. This is how it should be.”

According to him, the administration will not relent in its effort to ensuring better living for retirees. He stated: “Lagos state will continue to ensure that public service retirees not only get what is due to them statutorily but also continue to receive, through other agencies and programmes, further and additional support and assistance that will add value to their lives in retirement.”

On the benefits of the Lagos state Pension Reform laws, he noted that the laws have served as an important tool in addressing some of the challenges arising from working environment especially as it affects the socio-economic life of the people. He said, “On a holistic note, the provisions of the law encourage labour market flexibility”.

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