The Lagos State Government has paid N740 million in accrued pension rights to 348 retirees, marking another significant milestone in its commitment to supporting former state employees. This announcement was made by Mr. Babalola Obilana, Director General of the Lagos State Pension Commission (LASPEC), during the 107th batch retirement bond certificate presentation ceremony held in Lagos on Friday.
According to Obilana, this payment reflects the retirees’ past service benefits prior to the launch of the Contributory Pension Scheme (CPS) in 2007. He praised Governor Babajide Sanwo-Olu for his proactive approach to fulfilling pension obligations and advancing policies that uplift retirees’ quality of life.
“Our state has transitioned to paying retirement benefits in the same year our officers retire, a reflection of Gov. Sanwo-Olu’s commitment to financial security for Lagos State retirees,” Obilana noted. He further highlighted the state’s progress in improving transparency, efficiency, and sustainability within its pension system, pointing to LASPEC’s ongoing work to streamline processes and ensure timely pension disbursements.
LASPEC has also launched sensitization programs, providing financial literacy and retirement planning guidance for employees. Additionally, free health insurance and subsidized public transport for retirees demonstrate the government’s holistic approach to their well-being.
Mrs. Funmilayo Aiyelabola, a retiree who received her bond certificate, expressed her appreciation for the state’s dedication to retirees, thanking both the LASPEC team and the Pension Fund Administrators for their professionalism and support.
