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Lagos remits N64 Billion as CPS into workers accounts

Lagos State Government has said it has remitted N64 billion as Contributory Pension Scheme, (CPS) into workers retirement savings account since the inception of the scheme.
State Commissioner for Establishments Training and Pensions, Dr. Akintola Oke, who disclosed this Thursday while addressing journalists in Alausa, said government regularly deducted 7.5% from the salaries of staff and corresponding 7.5% by the State Government into the Retirement Savings Accounts maintained by them with their appointed Pension Fund Administrators (PFAs).
According to him, “as at March, 2016, these deductions have cumulatively risen to N64 billion approximately since the inception of the scheme in 2007. Also, since the commencement of the Retirement Benefit Bond Certificate Presentation in 2010 to over 10,000 retirees/ deceased/withdrawn staff, the State Government has paid accrued pension rights of about N48.08 billion.”
Oke also explained the government had reduced drastically the backlog of terminal entitlements of retirees, saying that between August 2015 and April 2016, the government, through the Lagos State Pension Commission, LASPEC paid the sum of N13.701 billion into the Retirement Savings Account (RSA) of 3,069 retirees.
He said 1,294 of the retirees were from the Local Government and while the State Universal Basic Education Board, SUBEB had745; Teachers Establishment Pension Office, TEPO, 731 while the mainstream service had 299 retirees.
The commissioner said the state Governor, Mr.  Akinwunmi Ambode, had directed that outstanding pension payment of three years arrears on the 142% pension increase as approved by the administration of former Governor Bola Tinubu be paid with immediate effect, adding that the 6% and 15% pension increments over the years were paid.
According to him, the sum of N2.03 billion was paid as pensions between May 2015 and April 2016, adding that in November 2015, Civil Service Pensions Office facilitated and completed the payment of severance, pensions and gratuity to 73 disengaged staff of the defunct Eko Today which amounted to N37.17 billion.
Oke further revealed that Ambode had approved the release of the sum of N1.5 billion intervention fund for the payment of outstanding gratuities and pension arrears to Local Government retirees, including the balance of 142% pension arrears amounting to N 1.77 billion, saying that the payments would be effected as soon as the verification exercise was conducted.

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