By Omobola Tolu-Kusimo
Lagos State Governor, Babajide Sanwo-Olu has authorised a rise of 33 per cent changes within the pensions of retirees underneath the Outlined Pension Scheme (DBS) arising from the implementation of the New Minimal Wage Act.
The governor has additionally introduced plans to repeal the previous governors’ pension legislation whereas presenting the 2021 Appropriation Invoice to the state Home of Meeting final November.
The Director-Normal, Lagos State Pension Fee (LASPEC), Mr. Babalola Obilana made this recognized in an interview with The Nation.
Obilana mentioned the governor mentioned the intention of repealing the legislation was to free the state authorities of the authorized obligations and scale back the price of governance.
The LASPEC DG additional mentioned the authorities is dedicated to the speedy decision of pension points.
He maintained that Lagos is the one state in Nigeria with up-to-date pension contributions remitted to the Retirement Financial savings Account (RSAs) of pensioners underneath the Contributory Pension Scheme (CPS).
He mentioned LASPEC has been paying a minimal of N1 billion month-to-month as Accrued Pension Rights to RSAs of pensioners.
He mentioned: “Because the inauguration of his administration, a complete variety of 7,308 retirees had their Accrued Pension Rights of N29.1 billion credited into their RSAs between Could 2019 and final month.
“The standing of implementation of states’ report collated by the Nationwide Pension Fee affirmed that Lagos State is the one state with a sound Group Life Insurance coverage Coverage for its staff.That is the proof of the state authorities’s dedication to the monetary safety of its staff, put up service and past.
“Let me additionally add that Lagos State Authorities has been constant in her management function within the implementation of the CPS according to the provisions of the Lagos State Pension Reform Legislation of March 19, 2007 now amended on February 22, 2019.”
Obilana famous that LASPEC has been the path blazer on pension issues within the nation, having received awards as essentially the most compliant state within the dispensation on a number of events. “The fee of accrued rights to retirees of the state is carried out systematically and scheduled by yr of exit. The retirees are, due to this fact, not underneath any coercion to supply kickbacks to workers of the Fee to make sure fee.
“A testomony to the governor’s dedication to the welfare of pensioners is the current honour bestowed him by the Nigerian Union of Pensioners (N.U.P) who offered the distinguished award of “Excellence and Better Dedication to Pensioners’ Welfare” to the representatives of the Lagos State Authorities at its eleventh Quadrennial Nationwide Delegates Convention in Abuja,” he added.