Witness narrates how Ex-HoS, allies diverted public funds to private companies in court
Lagos govt increases pension by 33%
By Modupe Shodeinde
Governor Babajide Sanwo-olu has given approval for an increase of 33 per cent adjustments in the pensions of retirees under the Defined Pension Scheme (DBS) arising from the implementation of the New Minimum Wage Act.
The governor also announced plans to repeal the former governors’ pension law while presenting the 2021 Appropriation Bill to the state House of Assembly last November.
This was made known by the Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana, in an interview with The Nation.
Obilana said the governor said the aim of repealing the law was to free the state government of the legal obligations and reduce the cost of governance.
The LASPEC DG further said the government is committed to the speedy resolution of pension issues.
He stated that Lagos is the only state in Nigeria with up-to-date pension contributions remitted to the Retirement Savings Account (RSAs) of pensioners under the Contributory Pension Scheme (CPS).
He said LASPEC has been paying a minimum of N1 billion monthly as Accrued Pension Rights to RSAs of pensioners.
He said: “Since the inauguration of his administration, a total number of 7,308 retirees had their Accrued Pension Rights of N29.1 billion credited into their RSAs between May 2019 and last month.
“The status of implementation of states’ report collated by the National Pension Commission affirmed that Lagos State is the only state with a valid Group Life Insurance Policy for its employees.This is the evidence of the state government’s dedication to the financial security of its workers, post service and beyond.
“Let me also add that Lagos State Government has been consistent in her leadership role in the implementation of the CPS in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007 now amended on February 22, 2019.”
According to Obilana the recent honour bestowed on the governor by the Nigerian Union of Pensioners (N.U.P) who presented the distinguished award of “Excellence and Greater Commitment to Pensioners’ Welfare” to the representatives of the Lagos State Government at its 11th Quadrennial National Delegates Conference in Abuja, is a testament to his commitment to the welfare of pensioners.
