The Lagos State Authorities has introduced the disbursement of over N63 billion in pension advantages to 19,814 retirees over the previous 5 years.
The Lagos State Commissioner for Institutions and Coaching, Mr. Afolabi Ayantayo, revealed this on Friday in the course of the Y2024 Press Briefing on the Bagauda Kaltho Press Centre, Alausa, commemorating the primary yr of Governor Babajide Sanwo-Olu’s second time period in workplace.
This info was detailed in a press release on the Lagos State official web site, highlighting the administration’s dedication to retirees’ welfare.
“The Administration of Governor Babajide Sanwo-Olu has paid over N63 Billion as pension advantages to 19,814 retirees of the State within the final 5 years,” the assertion learn partly.
Ayantayo additionally disclosed that the State Authorities carried out a pension evaluation below the Outlined Profit Scheme in January 2024.
With the Governor’s approval, over N109 billion was allotted for this adjustment, following the directive of the Federal Authorities. The evaluation concerned making use of numerous share will increase based mostly on particular person pension quantities.
Extra perception
Moreover, Ayantayo highlighted that Governor Sanwo-Olu has made important progress by addressing backlogs of excellent pension advantages and implementing a Pay-As-You-Go mannequin for future retirees.
He famous that the Lagos State Authorities has paid over N16 billion to retirees between February 2023 and April 2024. The state authorities has additionally ensured that the processing and cost of retirees’ advantages are promptly dealt with by Pension Fund Directors (PFAs), the assertion revealed.
To handle points with PFAs, the state authorities launched Criticism Kinds for retirees and redesigned the Inspection Report to incorporate efficiency scores for PFAs and Annuity Service Suppliers.
Extra measures embody proposing that Annuity Service Suppliers create an emergency/finest good friend telephone quantity and an Annuitant discussion board for retirees in Lagos State. Moreover, WhatsApp teams for Ministries, Departments, and Businesses (MDAs) have been created to facilitate efficient follow-up and make sure the immediate cost of retirement advantages.
Ayantayo emphasised that these initiatives mirror the Lagos State Authorities’s dedication to enhancing the welfare of its retirees. He emphasised that by implementing these measures, the state authorities goals to create a extra environment friendly and responsive pension system, guaranteeing that retirees obtain their advantages promptly and with out trouble.
This holistic method is designed to supply retirees with the help and assets they should take pleasure in a safe and cozy retirement, reinforcing the federal government’s dedication to their well-being and monetary stability.