Lagos State government has approved the release of N1.030 billion for the payment of the accrued pension rights of 213 public service retirees in the state.
The Director-General, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, disclosed this in a statement on Friday.
Onanuga said the commission had released the funds to the Pension Fund Administrators (PFAs), which had credited the beneficiaries’ Retirement Savings Accounts (RSAs).
She said: “To ensure the safety of all the beneficiaries, the retirement bond presentation ceremony has been cancelled due to the COVID-19 pandemic, while all retirement bond certificates for April have been released to the PFAs.
“The PFAs will invite the beneficiaries for collection and grant access to their RSAs for the computation of their lump sum and monthly pensions.”
According to her, the commission has also embarked on the distribution of palliatives to retirees in different locations in the state to cushion the effect of the COVID-19 induced lockdown.
The LASPEC director-general urged the affected retirees to observe all precautionary measures, as advised by the state government and the Nigeria Centre for Disease Control (NCDC) in order to stay free of coronavirus. (NAN)