Posted by: Miriam Ekene-Okoro
The Lagos State government has paid over N32.2 billion into the Retirement Savings Accounts (RSA) of 6,145 workers, who left the public service between 2010 and now.
The Commissioner for Establishment, Training and Pensions, Mrs. Florence Oguntuase, said the move was to ensure that retirees got their entitlement.
The commissioner said the monthly deduction of 7.5 per cent from employees’ salaries and 7.5 counterpart funding is now over N16 billion.
The employees’ joint contributions have cumulatively risen to over N57 billion since the inception of the scheme in 2007.
She said the present administration, through the Lagos State Pension Commission (LASPEC), in collaboration with the six Pension Fund Administration (PFAs) and five insurance companies, organised seminars to prepare workers for life after retirement.
Director General of the State Pension Commission (LASPEC) Adekunle Hussain said the present administration would review the State Pension Law and increase the monthly pension payment by the government and workers to 10 and eight per cent.
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