Lagos: N5bn paid to 1,768 retirees in April to reduce financial difficulties

The Lagos state government says it paid N5 billion as retirement benefits to 1,768 retirees in April.

Ajibola Ponnle, commissioner for establishments, training, and pensions, said the state had been a consistent high flyer in the pension industry with over N50.7 billion paid to 13,928 retirees from May 2019 to date.

At an event organised by the Lagos State Pension Commission (LASPEC), on Thursday, Ponnle said the state is working on reforms aimed at reducing post-retirement financial difficulties.

“We are currently working on some reforms based on global best practices to reduce post-retirement financial difficulties. We are committed to building an environment that is safe, secure, and sustainable for all residents of Lagos state,” she said.

“Governor Babajide Sanwo-Olu will continue to raise the bar of governance to improve livelihood and maintain the safety, peace, and prosperity of everyone living in Lagos.

“This 100th retirement bond presentation ceremony, since the inception of the Contributory Pension Scheme (CPS) in Lagos, is a special centenary festivity and a blessing for the state to have sustained the event this far.

“Lagos state had maintained its leading role in the administration of the CPS and payment of pension obligations to its retirees. The state government is truly grateful for your hard work and recognises the need to protect your retirement benefits.”