Lagos pays N2.2bn bond to 658 retirees

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In a move to enhance workers’ welfare, the administration of Akinwunmi Ambode is set to pay a sum of N2.2billion to a total number of 658 retirees in the 18th batch of Retirement Benefit Bond Certificate presentation ceremony.
Folashade Onanuga, the Director- General, Lagos State Pension Commission(LASPEC) who disclosed this stated that the Retirement Bond Certificate presentation would be made in Alausa on Thursday 20th August, 2015 by the Governor Ambode to 658 workers who retired from the mainstream of 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 discontinued on the 31st March, 2007.
The State Government had already redeemed the figures stated on the certificates into the Retirement Savings Accounts of the 658 retirees.
The Director General also stated that the 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 August to reduce substantially the outstanding pension liabilities.
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Source:: New Mail