Lagos Retirees Get N1.150 Billion For May 2017

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Governor of Lagos State, Mr. Akinwunmi Ambode, has approved the payment of N1.150 billion as retirement benefits for another batch of 241 Lagos State retirees for the month of May, 2017.

The retirees drawn from the Mainstream Civil Service, Local Governments, and State Universal Basic Education Board (SUBEB), Teachers Establishments and Pensions Office (TEPO) and other Parastatals of Government will have their Retirement Savings Accounts credited with accrued Pension rights of N1.150 billion made up of gratuity and pension benefits under the Defined Benefit Scheme for employees who transited into the Defined Contributory Scheme.

Speaking at the 39th Retirement Benefit Bond Presentation Ceremony, on Wednesday, at Ikeja, the Director-General – LASPEC, Mrs. Folashade Onanuga advised the beneficiaries not to look for quick gains, but to indulge in legitimate investments with their benefits, adding that they can also choose between the programmed Withdrawal and Annuity options.

However, the Director-General advised beneficiaries to accept the Programmed Withdrawal module now that the concerned parties are still trying to fine tune Annuity option so as to make sure that their money is safe, adding that “When all arrangement is complete, and the Annuity window is open, you could then cross”.

She commended Governor Akinwunmi for placing a high premium on retirees’ well-being through prompt payment of benefits of retirees as well as the recent release of another huge sum for the month of May in commemoration of the 50th Anniversary of Lagos State.

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Hamilton Nwosa

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