Lagos State Pension Commission (LASPEC) says pension arrears of more than 1,000 retirees will be cleared before the end of Governor Babajide Sanwo-Olu's first term in office in 2023. Director-General of LASPEC, Mr Babalola Obilana, disclosed this during the 91st batch Retirement Benefit Bond Certificate Presentation in Lagos.
He said the Lagos state government had paid pension entitlements of all 2019 retirees and it would begin to pay the entitlements of 2020 and 2021 retirees soon.
"Before the end of the first term of Mr Governor, we would have cleared all pension arrears which means that retirees would get paid as they exit the service," he said.
Earlier at the ceremony, Obilana announced that Lagos state had credited the Retirement Savings Account (RSA) of 222 retirees with more than N1.43 billion. He explained that the payment was the workers' retirement entitlements prior to the commencement of the Contributory Pensions Scheme.
The director-general also urged retirees to go to their Pension Funds Administrators at least a week from Thursday to ensure prompt access to the funds in their RSAs and to beware of fraudsters.
He also said, "In spite of numerous and local and global challenges, Lagos state government has made continuous monthly payments a priority to ensure that retirees access their benefits as soon as possible."
"The state government, in appreciation of its dedicated workforce has consistently prioritised pension contributions in the state's annual budget."
"We are happy to note that Lagos State is one of the few states in the federation that does not owe monthly pension contributions," Obilana added.
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