LAGOS STATE TO INTRODUCE “PAY-AS-YOU-GO” PENSION SYSTEM STARTING NEXT YEAR

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The Lagos State Government is set to implement a “pay-as-you-go” pension program starting from next year. That is according to Mr. Olawale Musa, the Permanent Secretary of the Ministry of Establishments and Training. Speaking at the 101st Bond Certificate presentation ceremony held in Ikeja, Musa praised Governor Babajide Sanwo-Olu for consistently ensuring the timely payment of pensions to retired public service employees. He highlighted the governor’s dedication to ensuring that retirees receive their entitlements immediately upon retirement.

Musa also commended the Lagos Pension Commission(LASPEC) for its efforts in promptly disbursing pension payments to retirees. He announced that pension payments would no longer be made in arrears and that the state government would initiate the “pay-as-you-go” program from the upcoming year.

At the event, Mr. Babalola Obilana, the Director General of LASPEC, revealed that the Lagos State Government had already disbursed over N2 billion to 644 retirees from the state’s public service. This payment covered their past service benefits prior to the introduction of the Contributory Pension Scheme in 2007.

 

 

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