Lagos pays N11.75bn as terminal benefits to 2,585 retirees

Lagos State government on Monday disclosed that a sum of N11.75 billion has been paid to 2,585 retirees in the state in the last 12 months as terminal entitlements.

Commissioner for Establishment, Training and Pensions, Dr Akintola Benson Oke, made the disclosure while briefing journalists at Alausa, Ikaja on the achievements his ministry as part of activities marking the second anniversary of Governor Akinwunmi Ambode.

The commissioner further said that the state government’s funding of employees’ pension rights under the Contributory Pension Scheme since inception had risen to N138.413.560.

Speaking further, Oke said the state government through the Lagos State Pension Commission (LASPEC) had paid the sum of N11.754.082billion into the Retirement Saving Account (RSA) of 2,885 retirees, pointing out that 1,291 of the retirees were from the local government and SUBEB.

According to him, 697 out of the total are from Teacher Establishment Pension Office (TEPO), 887 from the mainstream service, while 11 are from parastatals.

“There have been regular deductions of 7.5 per cent from the salaries of staff and corresponding 7.5 per cent by the state government into the RSA maintained by them with their appointed PFAs. As at March 2017, these deductions have cumulatively risen to N78.592 billion since the inception of the scheme in 2007.

“This administration has not relented in the bailout of the local government and State Universal Basic Education Board (SUBEB) retirees. The governor magnanimously gave instructions for state government funds to be utilised to pay retirees from local government,” the commissioner said.

He also disclosed that the state government through the commission had paid to beneficiaries of deceased employees Insurance benefit worth N170 million.

According to him, the insured death benefit is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members of a deceased person.

Speaking on training, the commissioner said that over 5,000 employees had been trained in the last one year, adding that 3,160 officers benefitted from 72 in-plant/tailored made workshops and training programme.

He said another 1,650 officers benefited from 25 turnkey/bespoke training programme, while 84 officers were sponsored to federal training centre for career enhancing programme.

According to him, 108 officers were sponsored to local training workshops, while 81 officers benefited from international workshops.