The Lagos State Government has distributed N740 million in accrued pension rights to 348 retirees, marking a significant milestone in the state’s commitment to supporting its retired workers.
This announcement was made at the 107th batch retirement bond certificate presentation ceremony, where Director General of the Lagos State Pension Commission, Babalola Obilana, highlighted the state’s efforts to ensure financial stability for its retirees.
“The Lagos State Government is dedicated to ensuring the financial security of our retirees,” Obilana said.
He explained that the payments covered the retirees’ past service benefits, accrued before the launch of the Contributory Pension Scheme in 2007.
He credited Governor Babajide Sanwo-Olu’s administration with strengthening the state’s pension system and establishing policies to enhance the lives of retired public servants.
Obilana praised the progress Lagos has made toward a more equitable pension system, ensuring timely access to benefits for all employees upon retirement.
“Lagos has achieved the milestone of processing and paying retirement benefits in the same year our officers retire, reflecting our commitment to Governor Sanwo-Olu’s vision of a secure financial future for Lagos State retirees,” he added.
To prepare current employees for retirement, LASPEC has introduced education programs covering the CPS and necessary documentation for retirement benefits.
Experts in financial literacy and investment options participated in the sessions, aiming to equip future retirees with tools for managing their finances effectively in retirement.
In addition to financial support, the state has introduced welfare initiatives like free health insurance and subsidized public transportation for retirees. “This initiative demonstrates our commitment to retirees’ overall well-being beyond financial support,” Obilana said.
The ceremony also included heartfelt remarks from retirees, who expressed gratitude for the government’s assistance. Funmilayo Aiyelabola, a newly retired public servant, praised LASPEC and the Pension Fund Administrators for their professionalism and dedication.
“This event marks a new beginning. I extend my congratulations to each retiree for their service and contributions, which have built the foundation for the progress we celebrate today,” Obilana concluded. “Retirement is a new chapter, and I encourage you to embrace it with enthusiasm.”
With these recent payouts, the Lagos State Government reaffirms its ongoing support for retired workers, ensuring they are equipped for a secure and fulfilling retirement.
