By Femi Akinola, Lagos
The Lagos State government says it paid over N32.2 billion into the Retirement Savings Accounts (RSA) of 6,145 workers who retired from the state's public service between 2010 and the first quarter of 2015 while it issued N8bn Retirement Bond Certificates.
The Commissioner for Establishment, Training and Pensions, Mrs. Florence Oguntuase, disclosed this during a Ministerial Press Briefing, held to round off Governor Babatunde Fashola's eight-year administration of the state at the weekend.
Oguntuase said the monthly deduction of 7.5 percent from workers' salaries and 7.5 percent counterpart funding was now over N16bn while the employee joint contributions had cumulatively risen to over N57bn since the inception of the pension scheme in 2007.
She noted that the issuance of the retirement bond certificate was a move to ensure that retirees get their entitlements regularly.
She added that the state government, through the State Pension Commission (LASPEC) in collaboration with the state's approved six Pension Fund Administrators (PFAs) and five insurance companies, organised series of seminars for workers on pre-retirement plan in order to prepare them adequately for life after retirement.
The Director General, LASPEC, Mr. Adekunle Hussein, said the present administration would review the state pension law and increase the monthly pension payment by the government and staff in the ratio of 10 percent and eight percent respectively, as against the current 7.5 per cent for each payee.
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