Lagos Pension Fund Hits N170bn

Lagos State government on Tuesday revealed that it has funded its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS) with N170 billion in the last 12 years.  

This was even as the state Governor Akinwunmi Ambode and the Vice Chancellor, University of Lagos, Professor Olawtoyin Ogundipe  have called on the workers in the state to begin design a plan for the life after retirement  in order to reap the benefit of their labour. 

 The duo spoke during a training organised by the state Ministry of Establishment, Training and Pension in conjunction with MESSR Human Capital Management and Solution Limited, saying there is always a brighter rewarding future for the retirees in the state, if they plan properly. Ambode, who spoke through the Commissioner for Establishments, Training, and Pensions, Akintola Benson, said the society should show extra compassion to retirees and the older citizens in the state, just as he expressed that retirees have sacrificed their yesterday for the growth of the society. 

 He said: “The retirees of the Lagos State Public Service have invaluable experience and insight. For this simple reason, we must appreciate them. We may or may not know of all the ups and downs they have faced in life, but they have definitely gained experience that is worth respecting and learning from.”  

On the  payment of  its employees’ Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS), the Director-General of the Lagos State Pension Commission (LASPEC) Mrs Folashade Onanuga said that the state has so far N170 billion to the contributory pension scheme since its inception in 2007. Onanuga said, “In the last 12 years, we have paid over N170,000 billion. So far we have paid the amount since the Contributory Pension Scheme commenced in April 2007.’’ Also speaking, the Vice-Chancellor, University of Lagos, Professor Oluwatoyin Ogundipe, said the training for retirees and those to be retired put up by the Lagos State Government was very important and timely.  

He maintained that for any personnel not to prepare for life after retirement, connotes that such person won’t have anything to fall upon. But however, expressed optimism with the way government of Lagos State is planning for its workforce not to suffer after retirement, a feat considered okay and in order. 

 “Sequel to the above and enough preparation by the present leadership of the Lagos State Government, led by Mr Akinwummi Ambode, the better for the life of Lagos State retirees after retirement”, Ogundipe said


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