Day Sanwo-Olu put smiles on faces of retirees in Lagos



Sanwo-Olu with a number of the retirees

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Thursday, July 4, 2024, will stay a historic day within the lives of retirees in Lagos State. It was a day the Lagos State Governor, Mr. Babajide Sanwo-Olu, ended the ache and lengthy days of ready by retirees for cost of excellent pension advantages after retirement from public service within the Centre of Excellence. Lagos State achieved a big milestone in pension administration on Thursday by being the primary state to clear all pension arrears.

Governor Sanwo-Olu offered pension bond certificates totaling N4.5 billion to 2,000 retirees on the one hundred and fifth Retirement Profit Bond Certificates Presentation ceremony hosted by the Lagos State Pension Fee (LASPEC) at Oregun in Lagos. The Governor has cleared excellent pension legal responsibility, making Lagos State the primary and solely state in Nigeria with out pension legal responsibility to retirees. The clearing of the accrued pension legal responsibility primarily implies that the Lagos State Authorities owes no excellent pension advantages or any type of entitlement to any particular person who retired from its public service as finally week Thursday.

The settlement of Lagos State’s pension backlog has transitioned Lagos pension administration from servicing a legal responsibility to an period of pay-as-you-go. The staff of Lagos State Authorities who retire from the civil service will now get their full pension advantages and gratuity instantly after retirement by the Pay-As-You-Go initiative. By implication, recent retirees will now not wait endlessly after service earlier than they obtain their retirement advantages.

The Governor additionally launched a particular medical health insurance scheme for all dwelling retirees who served the State diligently. The newly launched medical health insurance scheme for the retirees was to additional respect the service of senior residents along with cost of their {financial} entitlements.

Governor Sanwo-Olu, by the nice gesture of his administration, has set an unprecedented document not solely in Lagos State however in Nigeria, placing the Centre of Excellence on a excessive pedestal as the primary and solely state within the nation to have settled all arrears and present pension liabilities within the state’s public service. The laudable achievement additionally stands as a testomony to the unwavering dedication of the Lagos State Authorities to its retirees and its deliberate plan to rejoice their years of devoted service to their beloved state.

Talking throughout the one hundred and fifth Retirement Profit Bond Certificates Presentation ceremony attended by 1000’s of individuals, which included the Deputy Governor, Dr. Obafemi Hamzat, members of the State Government Councils, heads of businesses, high authorities officers, and retirees who had been excited to obtain their excellent pension advantages of their lifetimes, Governor Sanwo-Olu mentioned the event marked a milestone within the State’s pension administration, stressing that the brand new template of “Pay-As You-Go” had prioritised fast cost of accrued rights to be able to guarantee retirees within the State get pleasure from dignity and {financial} stability after their retirement.

Governor Sanwo-Olu, who couldn’t cover his pleasure throughout the ceremony seeing pensioners and senior residents beaming with pleasure, singing completely different songs, and dancing with him, in addition to holding particular prayer periods to understand God and the State Authorities, mentioned Lagos was the primary state within the nation to embrace the Contributory Pension Scheme when it commenced in 2004, mentioning that the State Authorities had paid N141.2 billion to 35,191 retirees until date.

He mentioned, “Right this moment, I’m happy to current bond certificates value a complete of N4,461,659,536.82 to 2,000 retirees from our civil service. This growth marks a historic milestone as our pricey State transitions into a brand new period of Pension Administration generally known as ‘Pay-As-You-Go’. Any longer, all retirees of the State Authorities might be paid as they retire, supplied all procedures and approvals have been accomplished earlier than retirement.

“Now we have strategically prioritised clearing all backlogs of Accrued Rights funds to make sure our retirees get pleasure from dignity and {financial} stability after retirement. This dedication extends to the welfare of each present and former members of our workforce, recognising their unblemished careers within the State Public Service.

“For the reason that inception of the Contributory Pension Scheme, the State Authorities has paid N141,242,852,606.49 to 35,191 retirees. Beneath this administration alone, we have now paid N59,701,420,500.22 to 17,039 retirees, making Lagos State a high performer in pension funds.

“Right this moment, I’m happy to announce that one other 2,000 retirees will obtain bond certificates value a complete of N4,461,659,536.82. These funds, together with their month-to-month contributions, have already been remitted into their respective Retirement Financial savings Accounts with the Pension Fund Directors (PFAs).

“Along with {financial} entitlements, the Lagos State Authorities, by the Lagos State Well being Administration Company, has launched a Well being Insurance coverage Scheme tailor-made particularly for our retirees. This scheme will present entry to a variety of medical companies, from routine check-ups to specialised remedies. This initiative underscores our dedication to the well-being of our retirees, making certain that you just obtain not solely what is because of you statutorily but additionally extra assist and help to reinforce your lives in retirement.”

The Governor congratulated all of the retirees and beneficiaries of the bond and well being scheme, noting that the dedication and arduous work haven’t gone unnoticed, and that was why the State Authorities ensured that they obtain the rewards and assist they deserve having served and retired from the Civil Service. The Governor, who suggested the retirees to make good use of their pension advantages, cautioned them towards utilizing their pension to unravel all household issues.

The Governor additionally counseled the Director-Basic of the Lagos State Pension Fee, Mr. Babalola Obilana, and his crew for his or her arduous work, dedication, and dedication to the profitable implementation of the programme.

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In his deal with, the Head of Service, Mr. Olabode Agoro, noticed that the Sanwo-Olu administration had been steadfast in recognising the invaluable service of the State’s workforce, which made the Governor push all efforts to clear all backlogs of Accrued Rights Funds.

Agoro, who was represented by the Everlasting Secretary within the Public Service Workplace, Mrs. Sunkanmi Oyegbola, mentioned the Sanwo-Olu administration, in recognition of the retirees’ invaluable service, is steadfast in its efforts to clear all backlogs of Accrued Rights Funds, including that the “dedication signifies our willpower to remove pension arrears within the close to future, a commendable effort deserving of our collective applause for Mr. Governor’s form gesture.”

He mentioned, “I’m delighted to affirm that the administration of Mr. Babajide Sanwo-Olu stays resolute in its dedication to enhancing the welfare and well-being of each lively and retired employees. In Lagos State, the federal government ensures the constant cost of employees’ salaries on the twenty third of each month, alongside the common remittance of retirement advantages. This consistency has now turn into the norm, reflecting our dedication to the welfare of our workforce.

“To our esteemed retirees, I encourage you to embrace the alternatives that this new part of life brings. Proceed to share your wealth of expertise and data with the youthful era, and stay lively and engaged inside your communities. Please keep linked with the Submit Service Directorate of my Workplace to take part within the bi-monthly webinars on sustaining wholesome dwelling in retirement and quarterly entrepreneurial workshops and coaching.”

The Head of Service, urged officers approaching retirement to submit their retirement notices to their MDAs promptly to facilitate early processing. He additionally referred to as on Pension Fund Directors to expedite the processing of the accrued pension rights being deposited to make sure well timed disbursement to the beneficiaries.

The Commissioner for Institution and Coaching, Mr. Afolabi Ayantayo, mentioned the transition to the Pay-As-You-Go template had set a precedent for establishing a sustainable and reliable pension system, which might function a mannequin within the nation.

Ayantayo, represented by the Everlasting Secretary within the Ministry of Institutions and Coaching, Mrs. Olubukola Abidakun, famous that the ministry had labored collaboratively with LASPEC and PFAs to make sure the disbursement processes had been environment friendly and clear.

“This gesture will undoubtedly impression the lives of our retirees positively, rebuild belief within the State’s pension system, increase worker morale, improve productiveness, and make sure that public servants can anticipate a safe retirement,” the commissioner mentioned.

The LASPEC Director-Basic, Mr. Babalola Obilana, mentioned the settlement of all backlogs of accrued rights demonstrated a big achievement in public service, including that the event mirrored the Governor’s dedication to addressing the challenges confronted by our retirees.

He mentioned: “The Lagos State Pension Fee has labored diligently to make sure the well timed processing and disbursement of pension advantages. In step with Mr. Governor’s imaginative and prescient of “A Larger Lagos Rising”, we have now fulfilled his promise to clear all backlogs of accrued rights funds. Clearing the backlog of accrued rights is a big achievement, reflecting our dedication to addressing the challenges confronted by our retirees. We perceive the significance of those funds in securing a cushty and dignified retirement, and we’re dedicated to sustaining this momentum.

“I encourage our retirees to decide on correctly between Programmed Withdrawal and Annuity to pick the choice that greatest go well with their particular person circumstances. Please be cautious of fraudsters concentrating on weak pensioners.”

Talking on behalf of the retirees, Mrs. Rachael Thompson thanked Governor Sanwo-Olu for his magnanimity in making certain immediate cost of their gratuity, which might permit retirees to benefit from the fruit of their labour.

“On behalf of the most recent retirees of Lagos State, we thank Governor Sanwo-Olu for the good work he’s doing. We’re glad and glad with the nice work of your administration. We pray that you just and your cupboard members is not going to fail in Jesus’ identify. God, who’s the compensator of each work, will compensate your good work bodily, spiritually, financially, morally, emotionally, and in any other case. We additionally pray for all of the LASPEC officers; they may even transfer ahead,” she prayed, and she or he ended her speech with an appreciation track rendered in Yoruba.

Thursday, July 4, 2024, was certainly a joyous day for pensioners in Lagos State, as they began a brand new chapter of their lives courtesy of Governor Sanwo-Olu’s magnanimity in placing an finish to lengthy days of ready for retirees within the State with the creation of the Pay-As-You-Go template to safe a cushty and dignified retirement for the retirees.

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