Lagos disburses N11.75bn to retirees

 
Lagos State Government has disbursed N11.75 billion as pension to retirees in the last 12 months, increasing its contributory Pension Scheme to N138 billion since inception.
Commissioner for Establishment, Training and Pensions, Dr .Akintola Benson Oke, disclosed the fund disbursed by the State Government while briefing newsmen on the achievement recorded by the staff welfare on Monday.
Oke said the State Government through the Lagos State Pension Commission (LASPEC) had paid N11.754.082 billion into the Retirement Saving Account (RSA) of 2886 retirees.
According to him, 1291 of the retirees were from the local government and SUBEB; 697 from TEPO; 887 from the mainstream service and 11 from parastatals.
“There have been regular deductions of 7.5 per cent from the salaries of staff and corresponding 7.5 per cent by the state government into the RSA maintained by them with their appointed PFAs. As at March 2017, these deductions have cumulatively risen to N78.592 billion since the inception of the scheme in 2007.”
 
“This administration has not relented in the bailout of the local government and State Universal Basic Education Board (SUBEB), retirees. The Governor magnanimously gave instructions for state government funds to be utilised to pay retirees from local government.”
 
Oke also said that the state government through the commission has paid to beneficiaries of deceased employees Insurance benefit worth N170 million.
 
According to him, ‘the insured death is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members of a deceased person.
 
“The Estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme.
 
Speaking on training, he said that over 5000 employees had been trained in the last one year. He said that 3160 officers benefitted from 72 in-plant/tailored made workshops and training programme; 1650 officers benefited from 25 turkey/bespoke training programme; 84 officers were sponsored to federal training centre for career enhancing programme; 108 officers sponsored to local training workshops and 81 officers benefited from international workshops.