SANWO-OLU COMMENDED FOR PROMPT PAYMENT OF PENSIONS

The Permanent Secretary, Ministry of Establishments and Training, Mr. Olawale Musa has commended the Governor of Lagos State, Mr. Babajide Sanwo-Olu for the consistent and prompt payment of pensions to public service retirees.

Musa gave the commendation today while delivering the keynote address at the 101st Bond Certificate presentation ceremony held at Ikeja, affirming that the State Government has been consistent with the payment of pensions and the Governor has been working assiduously to ensure that the state attains a level where retirees get their entitlement immediately as they retire.

Whilst commending the management of the Lagos Pension Commission (LASPEC) for its effort in ensuring the prompt payment of Pensions to retirees, Musa asserted that payment of pensions would not be made in arrears anymore, stating that the State Government would commence ‘pay as you go’ programme from next year.

The Permanent Secretary expressed the appreciation of the State Government to all the retirees for their various contributions to the development of the State during their active years in service. He advised them to be prudent in spending in retirement.

In his remarks at the ceremony, Director-General of LASPEC, Mr. Babalola Obilana stated that the Lagos State Government had paid over N2 billion to 644 retirees of the State Public Service that were present at the ceremony being their past service benefit before the commencement of the Contributory Pension Scheme in 2007.

Whilst appreciating all stakeholders, he commended the Pension Fund Administrators and Insurance companies for their relentless efforts towards the success of the Contributory Pensions Scheme.