Lagos State Government has approved the release of N 1.92 Billion for the payment of Accrued Pension Rights to 444 retirees of the Lagos State Public Service.
Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga disclosed this at the 71st batch Retirement Bond Certificates presentation ceremony held at the NECA Auditorium recently, noting that the number of beneficiaries and amount involved was the biggest so far in the payment of accrued pension rights.
She reiterated that from inception of the Contributory Pension Scheme the State Government complied with the financial obligation demanded by the Scheme as it relates to the monthly funding of Retirement Savings Account (RSA) as well as payment of death benefits to employees who die in service.
According to her, the present administration should be commended for the Pension bailout fund of N13 billion approved in the year 2020 budget and for increasing the redemption funding rate from 5% to 10% of total emolument of active workers.
The Director-General expressed optimism that the monthly payment of entitlements to retirees will continue in Lagos State so that the issue of retirees waiting for months before being paid will soon be a thing of the past.
She advised the retirees to be prudent with their spending and also be aware of their health status so they can live a healthy and long life as there are different ailments that come with old age.
Onanuga informed the beneficiaries to their delight that those above 60 years would be enrolled for the Health Insurance Scheme, while the premium would be paid by government.
Mr. Emeka Nwagunor of the Lagos State Health Management Agency enlightened retirees on the benefits of the health scheme which will be obtainable in all general hospitals, private hospitals and all primary health care centres across the State.
He said pensioners can enjoy 100% medical treatment on some ailments because the scheme covers certain categories of surgery at government-owned health facilities including General Hospitals in all parts of the Lagos, as well as designated private hospitals in the States.
While noting that the scheme also covers high blood pressure, Arthritis, typhoid, malaria, x-ray for hand and legs, he urged the retirees to always visit the nearest hospital to cut transportation expenses and make the hospital visit less stressful.
Mrs Abike Olubamido, who spoke on behalf of other retirees, was full of praise for Governor Babjide Sanwo-Olu for having the love and interest of Lagos State retirees at heart.
She also commended the head and management of Lagos State Pension Commission on the diligent service delivery to retirees.