The Lagos State government has planned to release the sum of N1.030 billion for the payment of the accrued pension rights of 213 public service retirees in the state.
Mrs Folashade Onanuga, the Director-General, Lagos State Pension Commission (LASPEC), disclosed this statement to the News Agency of Nigeria (NAN ) on Friday.
Onanuga said that the commission had released the funds to the Pension Fund Administrators (PFAs), which, she said, had credited the Retirement Savings Accounts (RSAs) of thebeneficiaries.
“To ensure the safety of all the beneficiaries, the retirement bond presentation ceremony stands cancelled due to the COVID-19 pandemic , while all retirement bond certificates for April have been released to the PFAs.
“The PFAs will invite the beneficiaries for collection and grant access to their RSAs for the computation of their lump sum and monthly pensions, ” she said.
According to her, the commission has also embarked on distribution of palliatives to retirees in different locations in the state to cushion the effect of the COVID-19 induced lockdown.
The director-general urged the affected retirees to observe all precautionary measures, as advised by the state government and the Nigeria Centre for Disease Control (NCDC ) in order to stay free from Coronavirus.
She added that the increased funding rate of accrued pension rights of the total emoluments of active workers from five percent to 10 percent by the government took effect from February.
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