Governor Babajide Sanwo-Olu has advised the 2000 retirees from the state's civil service who got their contributory pension worth about N4.46b not to donate it to churches, mosques or religious groups in the name of thanksgiving or tithe.
Speaking at the 105 batch of retirement bond certificate presentation ceremony to retirees, Governor Sanwo-Olu stated that the payment of the pension is a testament to the unwavering commitment of the Lagos State government to its retirees and celebrates their years of dedicated service to the beloved state.
His words: "Today, we mark the 105th Retirement Bond Certificate presentation, a historic milestone as we transition into a new era of Pension Administration called "Pay-As You-Go." From now on, all retirees of the state government will be paid as they retire, provided all procedures and approvals have been completed before retirement.
"We have strategically prioritized clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognizing their unblemished careers in the state public service."
Sanwo-Olu disclosed that since the inception of the Contributory Pension Scheme, the state government has paid N141.2b to 35,191 retirees.
He said: "Under this administration alone, we have paid N59.7b to 17,039 retirees, making Lagos State a top performer in pension payments. Today, I am pleased to announce that another 2,000 retirees will receive bond certificates worth a total of N4.46b.
"These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).
"In addition to financial entitlements, the Lagos State Government, through the Lagos State Health Management Agency, has launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialized treatments.
"This initiative underscores our commitment to the well-being of our retirees, ensuring that you receive not only what is due to you statutorily but also additional support and assistance to enhance your lives in retirement."
Speaking at the ceremony, the Director General of Lagos State Pension Commission, Mr. Babalola Obilana, said the ceremony would not have been possible without the support and cooperation of stakeholders and Governor Babajide Sanwo-Olu.
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Obilana stated: "Today, the administration of Governor Babajide Olusola Sanwo-Olu will present another set of 2,000 retirees with a total sum of N4,461,659,536.82, being their past service benefits prior to the commencement of the Contributory Pension Scheme (CPS) in 2007.
"Today's ceremony would not have been possible without the support and cooperation of various stakeholders. I extend my heartfelt gratitude to the present administration under the leadership of Mr. Governor, Babajide Olusola Sanwo-Olu, and the Deputy Governor, Dr. Kadri Obafemi Hamzat, for their continuous support and commitment to the welfare of our retirees.
"I also appreciate the efforts of the relevant MDAs we collaborate with to deliver first-class service to our retirees: the Ministry of Establishments & Training, Public Service Office, Office of the Head of Service, State Treasury Office, and Office of Internal Audit, among others.
"I must also recognize the contributions of the Pension Fund Administrators and Annuity Service Providers towards the success of the Contributory Pension Scheme in Lagos State.
"Lastly, I commend my dedicated and hardworking team, the Lagos State Pension Commission Staff, who have worked tirelessly to make this event a success. Well done, everyone!"
Obilana encouraged retirees to choose wisely between programmed withdrawal and annuity to select the option that best suit their individual circumstances.
