Lagos Pays N64bn Pension in Nine Years

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Gboyega Akinsanmi

The Lagos State Government on Thursday disclosed that it had remitted the sum of N64 billion into the retirement saving accounts of civil servants the sum as contributory pension scheme since the inception of the scheme.

The Commissioner for Establishments, Training and Pensions, Dr. Akintola Oke disclosed this at a news conference he addressed at the Bagauda Kaltho Press Centre, Alausa alongside

He commissioner said there had been regular deductions of 7.5 percent from the salaries of staff and corresponding 7.5 percent by the state government into the retirement savings accounts maintained by them with their appointed Pension Fund Administrators (PFAs).

According to him, as at March, 2016, the deduction has cumulatively risen to N64 billion approximately since the inception of the scheme in 2007. Also, since the commencement of the retirement benefit bond certificate presentation in 2010 to over 10,000 retirees/deceased/ withdrawn staff, the state Government has paid accrued pension rights of about N48.08 billion.