The Lagos State Governor, Mr. Akinwunmi Ambode is set to pay N2.2billion to 658 retirees in the 18th batch of Retirement Benefit Bond Certificate Presentation ceremony.
According to a statement signed by the Director- General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga the Retirement Bond Certificate presentation would be made in Alausa on Thursday, 20 August, 2015 to 658 workers who retired from the mainstream Civil Service, Local Government, SUBEB and Parastatals of government.
According to her, this Retirement Benefit Bond presentation, being the 18th consecutive one since the inception of the Contributory Pension Scheme, signified the strong commitment of the State Government to the implementation and continued sustainability of the Contributory Pension scheme.
According to the LASPEC boss, the Retirement Benefit Bond Certificate is a written acknowledgment by the State Government of debt owed to employees for their years in service under the Pay- As-You- Go-pension scheme which was discontinued on the 31 March, 2007. “The State Government had already redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees,” she said.
The Director General also stated that Ambode, had earlier in the month graciously approved the release of N11billion to meet the outstanding pension liabilities of retirees and that the fund would be disbursed on monthly basis, starting with this month, to reduce substantially the outstanding pension liabilities.
The LASPEC boss also said it is gratifying to note that Lagos State Government has been up-to-date in remittance of contributions.