Lagos signs 18% pension contribution rate into law

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Releases N1b to 177 retirees

The Lagos State Governor, Mr. Akinwunmi Ambode, has signed into law the Amendment of the Lagos State Pension Reform Law which increased the contribution rates under the Contributory Pension Scheme (CPS) to 18 per cent, Commissioner for Establishments, Training and Pensions, Dr. Akintola Benson has said.

The Commissioner spoke while representing the governor at the presentation of retirement benefit bond certificates to retirees at the LASPEC Complex, NECA House, Ikeja, Lagos.

Benson stated that under the administration of Governor Ambode, the state government contributions have now been increased to 10 per cent from 7.5 per cent whilst the employees’ contribution is eight per cent from 7.5 per cent.

He said this is to make life more comfortable for employees who retire from the state’s public service.

He also said that the state has again presented retirement benefit bond certificates worth N1.01 billion to 177 Public Service retirees.

He said: “The payment made into the Retirement Savings Account (RSA) of the retirees represents government’s obligations under the discontinued Pay as You Go Pension scheme. From April, 2007, the state had transited to the Contributory Pension Scheme and had consistently remitted contributions into employees Retirement Savings Account.

“A total number of 10,601 retirees from the Mainstream Service, Local Government/State Universal Basic Education (SUBEB), Teachers Establishments Training & Pensions Office (TEPO) TEPO and Parastatals of government had received accrued Pension rights of N43.63 billion.”

The Director-General, LASPEC, Mrs. Folashade Onanuga, in her welcome address, encouraged the retirees and advised them to be wary of business ventures that appear to have high risk.

She informed them that the issue of Identification Cards which had been in the pipeline for some time has been concluded.

She disclosed that the issuance of the cards will begin next month.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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