Ambode to pay N2.2bn to 658 retirees


Kazeem Ugbodaga
In a move to enhance workers’ welfare, the administration of Mr. Akinwunmi Ambode is set to pay N2.2 billion to 658 retirees in the 18th batch of Retirement Benefit Bond Certificate Presentation ceremony.
This was made known by Mrs Folashade Onanuga, the Director-General, Lagos State Pension Commission(LASPEC) in a statement in Lagos.
Mrs Onanuga stated that the Retirement Bond Certificate Presentation would be made in Alausa on Thursday, 20 August, 2015 by Governor Ambode to 658 workers who retired from the Civil Service, Local Government, SUBEB and Parastatals of government.
According to her, the 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 stopped 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 approved the release of the sum of N11 billion 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.
Onanuga also said it is gratifying to note that Lagos State Government has been up-to-date in remittance of contributions. …Read More

Source:: PM Newspaper