• Privacy Policy
  • Terms
  • About us
  • Contact Us
Thursday, March 30, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

LASG pays N38bn accrued pensions to 9,865 retirees

Pensions

The Matters Press by The Matters Press
March 30, 2022
Reading Time: 2 mins read
0
Free public transportation for retirees begins in Lagos

The Lagos State Government (LASG) on Wednesday said that it had paid nothing less than N38billion as accrued pension rights to 9,865 retirees from May 2019 till date .

RELATED POSTS

U.S. hikes visa fee

DMO, Centre task incoming administration on revenue generation

NMDPRA to resume safety audit of petrol outlets, tankers operations

The Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, said this at the presentation of bond certificates to the 92nd batch of retirees from the state ‘s Public Service by the Lagos State Pension Commission (LASPEC) in Lagos .

Ponnle, represented by Mrs Bandele Fadipe, the Permanent Secretary in the Civil Service Pensions Office said that the retirees were from the Mainstream, Local Government, State Universal Basic Board (SUBEB), Teaching Service Commission (TESCOM) and other Parastatals of the state’s public service.

She said the state, in adherence to its responsibility, had also credited the Retirement Savings Accounts (RSAs) of 515 retirees, alongside their monthly contributions with the sum of N1.520 billion for the month of March .

ALSO READ  PFAs register 93,114 Retirement Savings Accounts

The commissioner said this was their past service benefits prior to the starting of the Contributory Pension Scheme (CPS) in 2007.

” The state government recognises the plights of our estimable workers who had served in its public service and the need to safeguard their financial security after service.

” This administration has continually prioritised the prompt payment of the government’s pension obligations within the available limited resources.

” Despite huge liabilities, we have promptly paid the pension entitlements of retirees under the Pay As You Go Pension Scheme monthly while LASPEC ensures payment of accrued pension rights to retirees under the CPS , so our retirees can access their RSAs without delay, ” she said.

The commissioner assured them that the welfare and wellbeing of the retirees were top-priority of the Gov. Babajide Sanwo-Olu-led administration and that the state government would not relent in its pursuit to improve retirement life.

ALSO READ  Micro pension contribution hits N161m

” I wish you the best and advise you to embrace the joy and challenges of this new phase of life , ” Ponnle said .

In his address, Mr Babalola Obilana , the Director -General of LASPEC, said that the efforts of the present administration under Gov. Sanwo-Olu toward the success of the CPS could not be overemphasised.

Obilana noted that the state had consistently been implementing the CPS since its inception in line with the provisions of the Lagos State Pension Reform Law of 19th March, 2007, now amended.

” The state government in a bid to secure the future of the public service which is its greatest asset, has consistently prioritised pension contributions in the annual state budget and we are happy to note that Lagos State is fully compliant with the statutory requirements of the CPS.

ALSO READ  Naira loses again at Investors and Exporters window

” Both employees and employer’s contributions are remitted promptly into individual employee’s RSAs after salaries must have been received.

” Despite rising recurrent expenditure and the current economic climate, the state government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible , ” he said.

According to him, LASPEC also constantly reviews its business processes to ensure first class service delivery to the retirees and accomplish the governor’s goal of the immediate payment of pension entitlements upon retirement from the public service.

Obilana appreciated the continuous support of its stakeholders, the PFAs and ASPs for their relentless efforts toward the success of the CPS.

” Please, beware of any individual or association who claims to be affiliated with the state government and can process or fast track your pension entitlements for a fee , ” the director-general warned .

Tags: Pension
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Visa-on-arrival counters expanded
Economy/Technology

U.S. hikes visa fee

March 30, 2023
DMO raises N615bn Sukuk fund for roads
Economy/Technology

DMO, Centre task incoming administration on revenue generation

March 30, 2023
NMDPRA to release regulations on midstream, downstream operations
Economy/Technology

NMDPRA to resume safety audit of petrol outlets, tankers operations

March 30, 2023
Zenith Bank unveils N765.6bn gross earnings
Economy/Technology

Zenith Bank grows gross earnings to N945.5bn in 2022

March 29, 2023
Eswatini for $140m Afreximbank’s credit
Economy/Technology

Afreximbank releases $10m finance facility to Parallex Bank

March 29, 2023
New Naira notes unavailable even as CBN campaigns for acceptance
Economy/Technology

NLC, TUC concede two weeks to CBN to end cash crunch

March 29, 2023
Next Post
CIIN president tasks Insurance directors on manpower development

FSD Africa, NAICOM collaborate to improve African insurance industry

Nigeria’s Pension fund assets grow by N1.11trn

Premium pension assets records N97.25b growth

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria’s N225bn bonds oversubscribed

DMO offers 2 FGN savings bonds for subscription

March 7, 2023
Dangote Cement commences Tranche II share buyback

Dangote Cement commences Tranche II share buyback

January 13, 2022
Free public transportation for retirees begins in Lagos

FG releases N13.89bn pension for 2022 retirees

January 6, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • U.S. hikes visa fee
  • DMO, Centre task incoming administration on revenue generation
  • NMDPRA to resume safety audit of petrol outlets, tankers operations

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?