The Lagos State Government says about 658 retirees will be paid N2.2bn in the 18th edition of the Retirement Benefit Bond Certificate presentation ceremony.
The government added that the move was meant to enhance the retired workers’ welfare and show its commitment to the sustainability of the contributory pension scheme.
The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said this on Thursday in Ikeja.
Onanuga added that the retirement bond certificate presentation would be made next Thursday by the Governor of Lagos State, Mr. Akinwunmi Ambode to the workers who retired from the mainstream of the civil service, local government service, SUBEB and parastatals of the government.
She said, “This presentation, being the 18th consecutive edition since the inception of the contributory pension scheme, signified the strong commitment of the state government to the implementation and continued sustainability of the scheme.”
Onanuga explained that the Retirement Benefit Bond Certificate was a written acknowledgment by the government of debt owed to employees for their years in service under the pay-as-you-go pension scheme which was discontinued on March 31, 2007.
She said, “The state government had redeemed the figures stated on the certificates into the retirement savings accounts of the 658 retirees.
“Governor Akinwunmi Ambode, had earlier in the month approved the release of N11bn to meet the outstanding pension liabilities of retirees. That money will be disbursed on monthly basis, starting with this month, to reduce the outstanding pension liabilities.
“The government has been up-to-date in remittance of its contributions.”
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