The Lagos State Government has approved payment of no fewer N1.3 billion into the Retirement Savings Account (RSA’s) of 246 retirees in the state’s public service.
It explained that beneficiaries of the approved payment include employees from the mainstream service, Local Government Service, State Universal Basic Education Board (SUBEB), Teaching Service Commission (TESCOM), and other parastatals of the state government.
The Director-General, Lagos State Pension Commission (LASPEC), Babalola Obilana, who confirmed the approval said that the N1.3 billion was approved the month of October.
Through a statement released to newsmen on Sunday, Obilana said the approval was in line with the Governor Babajide Sanwo-Olu-led administration’s commitment to payment of monthly entitlements of retirees and backlog of some unpaid pension inherited from previous administrations.
He said that despite the hardship occasioned by coronavirus outbreak and its effect on the state’s economy, the government was committed to financial freedom for the state’s retirees ensured the payment of pension entitlements.
“A total of one billion, three million, three hundred and seventy-four thousand, three hundred and seventy-two Naira, sixty-eight kobo was paid. This shows the commitment of Gov. Sanwo-Olu to the welfare of the pensioners in the state,” the statement said.
The director-general, however, enlightened the retirees on the two payment options available for accessing their monthly pension entitlements which is the Programme Withdrawal and Life Annuity.
He enjoined the retirees to understand the details of the two options and choose the most appropriate option suitable for their situation.