The wife of the Lagos State Governor, Mrs. Bolanle Ambode, marked the Christmas season with pensioners of the state as she presented Retirement Bond Certificates of accrued pension rights to 286 retirees last week.The package was made up of gratuity and pension entitlements for service rendered before the commencement of the Contributory Pension Scheme (CPS) in 2007.
The First Lady of Lagos State at the event held in Lagos urged the retirees to avoid frivolity, stating that the state government is determined to make the pension scheme work.
She said it was expedient for her to share in the joy of those who have laboured for the state and who personally collected their terminal entitlements that will guarantee their financial independence in old age.
Meanwhile, the governor who was represented by the Commissioner for Ministry of Establishments, Training and Pensions, Dr. Akintola Benson, said the state had paid accrued pension rights of N33 billion to 8,252 retirees under the Contributory Pension Scheme (COS) in less than three years.
The commissioner stated that the money was paid between August, 2015 and December, 2017.
He also said accrued pension rights paid during the previous administration from 2010 to mid-2015 amounted to N33, 645 billion to 7,409 retirees.
He noted that this would bring the total amount paid since the beginning of the Retirement Benefit Bond Certificate presentations in 2010 to over N66.6 billion for more than 15,671 retirees and withdrawn staff.
He further stated that the state government is also committed to the regular contribution of the monthly deduction of 7.5 from the workers’ salary.
He said: “It is no surprising that retiring public officers in Lagos State now look forward to retirement with more confidence and joy. This is how it should be. The Lagos State Government through the Lagos State Pension Commission. (LASPEC) will continue to ensure that public service retirees not only get what is due to them statutorily, but also continue to receive, through other agencies and programmes.
“Without a doubt, prioritising pensioners’ welfare has both moral, economic, strategic, and social implications. Indeed, it is only such a holistic view of the subject that can put the efforts directed at its management and promotion in perspective. On a moral pedestal, I have always said that all persons of goodwill ought to pause and reiterate that it is morally reprehensible for any employer to neglect or refuse to plan and cater for the retirement benefits of its employees who gave the prime of their active years to the employing institution.
“Thankfully, this is an area where the Lagos State Government, through the instrumentality of LASPEC, has demonstrated its virtuous and exemplary moral compass. As it is well known, under the administration of Governor Ambode in particular, the Lagos State Government has faithfully honoured its obligations under the Lagos State CPS Law. Such that the state is now presenting bond certificates to the 46th batch of retirees from the public service. Furthermore, the Lagos State government has been consistently winning the National Pension Commission’s award for the Best Pensions Compliant State in the Federation. We are committed to maintaining this rating by continuing and improving on the timely payment of all pensions and other applicable benefits to our retiring workers upon disengagement from service.
“The strategic relevance of an effective and efficient pension management system to organisational cohesion is also noteworthy. We believe that stimulating confidence in the organisation’s commitment to its pension obligations can have positive implication on the morale and effectiveness of the workforce. It is, therefore, a strategic tool in the hands of management’’.
LASPEC Director-General, Mrs Folashade Onanuga on her part, said Governor Ambode is the first to focus on employee development by ensuring that adequate budgetary provisions are made for staff training and development.
She stressed that he is also the first to provide extra funding to bridge pension obligation gaps, pay salaries on the 23rd of the month at the latest, the only governor who has been paying accrued pension rights on a monthly basis.
He is also the first to start thinking of affordable homes for retirees, ease of transportation and healthcare provision for retirees, among others.
She recalled that it was the 18th Bond Certificate Presentation that was held when the governor came on board, but has paid up to the 46th batch.
She said: “In a period of two years and six months, 28 Bond Certificate Bond Presentations have taken place and total number of beneficiaries within the 30 months period is 8,262.
“Furthermore, the state, through the Commission has paid to 104 named beneficiaries of deceased employees in the Mainstream Civil Service, Insurance benefit of N325, 000,000.00 from August 2015 to date. This insured death benefit is by law to be paid to named beneficiaries to alleviate the immediate needs of the family members. From January, 2017, the responsibility of payment of the insured death benefit has been ceded over to the Insurance Department of the Ministry of Finance.
Chairman, House Committee on Establishments, Training and Pension, Hon. Adedayo Famakinwa, said the legislators will continue to appropriate adequate funds to cater for retirees in the state.