Many who have observed – and rightly so – that Lagos State Governor Babajide Sanwo-Olu’s heart exudes the proverbial milk of human kindness are totally on point because he always manifest this trait at every opportune time.
Since his return to the Government House for a second and final term, a determined Sanwo-Olu has continued to make concerted efforts in his quest to transforming and impacting the lives of Lagosians. One of such instances is the ideal and idea behind the newly launched Pay – As – You – Go template, a seamless process for assessing retirement benefits by Lagos retirees!
Addressing a motley crowd at Oregun, Lagos, at the 105th Retirement Benefit Bond Certificate Presentation under the supervision of the Lagos State Pension Commission (LASPEC), Sanwo-Olu said the template would automatically ease and grant retirees access to their pensions, paid as at when due without any restrictions whatsoever and promptly too.
He promised to settle all arrears and current pension liabilities in the public service by middle of the year, made good his promise last Thursday as he paid all the backlogs owed to the retirees, a development which saw some of the the beneficiaries in attendance exhibiting joyous esctacy at their good fortune.
The governor said: “Today, we mark the 105th Retirement Bond Certificate presentation and I am pleased to present bond certificates worth N4,461,659,536.82 to 2,000 retirees from our civil service. This development marks a historic milestone as our state’s transition into a new era of Pension Administration known as ‘Pay-As You-Go’.
“From now on, all retirees of the state government will be paid as they retire, provided all procedures and approvals have been completed before retirement.
“We have strategically prioritised clearing all backlogs of accrued rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the state’s public service.
“These funds, along with their monthly contributions, have already been remitted into their Retirement Savings Accounts with the Pension Fund Administrators (PFAs)”.
The governor said that Lagos was the first to embrace Contributory Pension Scheme (CPS) when it began in 2004, noting that the government has paid N141.2 billion to 35,191 retirees to date.
An elated Director General of LASPEC, Mr. Babalola Obilana was effusive with praises for the state government, stressing that the state has achieved yet another first with the pension payment template, which he described as a milestone that would give new lease of life to retirees and help them to enjoy retirement.
Echoing similar sentiments, Mrs Sunkanmi Oyegbola, who represented the Head of Service, Mr. Olabode Agoro, lent her voice to the great initiative, stressing that it is a long awaited solution to pension matters.
The Commissioner for Establishment and Training, Mr. Afolabi Ayantayo, who was represented by the Permanent Secretary in the Ministry of Establishments and Training, Mrs. Olubukola Abidakun said that the ministry is working closely with LASPEC and PFAs to ensure ease of disbursement processes.
Expectedly, for the most part, the retirees could not hide their joy as they held a special prayer session for Sanwo-Olu and and his Deputy, for recognising their labour of love and rewarding them accordingly.
