•To repeal ex-governors’ pension law

Lagos State Governor, Babajide Sanwo-Olu has approved an increase of 33 per cent adjustments in the pensions of retirees under the Defined Pension Scheme (DBS) arising from the implementation of the New Minimum Wage Act.

The governor has also announced plans to repeal the former governors’ pension law while presenting the 2021 Appropriation Bill to the state House of Assembly last November.

The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana made this known in an interview with The Nation.

Obilana said the governor said the aim of repealing the law was to free the state government of the legal obligations and reduce the cost of governance.

The LASPEC DG further said the government is committed to the speedy resolution of pension issues.

He maintained that Lagos is the only state in Nigeria with up-to-date pension contributions remitted to the Retirement Savings Account (RSAs) of pensioners under the Contributory Pension Scheme (CPS).

He said LASPEC has been paying a minimum of N1 billion monthly as Accrued Pension Rights to RSAs of pensioners.

He said: “Since the inauguration of his administration, a total number of 7,308 retirees had their Accrued Pension Rights of N29.1 billion credited into their RSAs between May 2019 and last month.

“The status of implementation of states’ report collated by the National Pension Commission affirmed that Lagos State is the only state with a valid Group Life Insurance Policy for its employees.This is the evidence of the state government’s dedication to the financial security of its workers, post service and beyond.

“Let me also add that Lagos State Government has been consistent in her leadership role in the implementation of the CPS in line with the provisions of the Lagos State Pension Reform Law of March 19, 2007 now amended on February 22, 2019.”

Obilana noted that LASPEC has been the trail blazer on pension matters in the country, having won awards as the most compliant state in the dispensation on several occasions. “The payment of accrued rights to retirees of the state is carried out systematically and scheduled by year of exit. The retirees are, therefore, not under any coercion to offer kickbacks to staff of the Commission to ensure payment.

“A testament to the governor’s commitment to the welfare of pensioners is the recent honour bestowed him by the Nigerian Union of Pensioners (N.U.P) who presented the distinguished award of “Excellence and Greater Commitment to Pensioners’ Welfare” to the representatives of the Lagos State Government at its 11th Quadrennial National Delegates Conference in Abuja,” he added.

https://thenationonlineng.net/minimum-wage-sanwo-olu-increases-pension-by-33/

It is well o, our currency has lost its pride
May God help us

not bad

Damnnnnn niggarrr
Isoright

Good one

Hmmm

Meanwhile his collegue is sacking 45,000 workers... the difference between Governors than can create wealth in the midst of scarcity and dundees occupying space.

I'm the first to comment.

He maintained that Lagos is the only state in Nigeria with up-to-date pension contributions remitted to the Retirement Savings Account (RSAs) of pensioners under the Contributory Pension Scheme (CPS).

Good! Pensioners should always be considered in all of these...

Ok

Congratulation to lagosian

I ask why do people hate Sanwo olu?

Could I get a logical answer?

I think his only crime is He his Tinubu's godson , if Sanwo was in opposition he would be loved by all and sundry.

Sanwo still remains the best gov in Nigeria at present.

Lagos, always setting the pace
If this is the handiwork of the jagaban himself then I think he deserves all the commendation

Yes. this is what we want.he can do better because right now our currency has no value.

First good news of the week...

I'm tired of:
-Missing ladies
-Unknown gunmen
-Bandits
-Boko
-Kidnappers
-inflation

To come online, especially News sites these days the fear me... The only time I read good news is when I visit xvid*** or p**nub.
It's better a read about big cøck, than big glock.

Lagos State is self sustainable in generating internal revenue.

So tinubu will also benefit after amassing a lot of Lagos wealth for himself and family members.

God bless Lagos state.

God bless Nigeria.

By the way,

Lecturer : Do you know why Lagos State remains the best state in Nigeria?!

Students : Because it has never been governed by PDP

Lecturer : Good answer guys.
End of class for today.
Have a nice evening everyone.

Students : Thank you!
Yipeee

Dem MANNA ALL THE WAY!

Till today, me the NOK has not received 1 naira from the Lagos State Government, my Mum, a teacher died in service with just one 1 year to retirement after serving LASG for almost 35years. Nothing nothing till date, money that one of their aide would spend in one weekend, smh, these People are Evil!

pineed:

Sorry to hear.. I suggest if you have all her documents you can go to the Pensions Office at the Old Secretariat or Alausa to make this compaint & claim

LASG don't joke with their workers & pensioners monies..

I have all the documents and I did all that stress for over 1year+. It is obvious that they don't want to pay anybody Anything, atleast not anytime soon

OMOLUABI

Audio increment

Likeyy1:
That's my baby

baby keel you Dia

Babara1994:
I'm the first to comment.

Not a crime to dream, but when you wake up reality will dawn on you.

What a right time to increase. As it will ease the inflation on the pensioners way no get other source of income.

Okowa of Delta state should wake up and pay up retirees ooooo!!!!!

So workers in Lagos are happier than Kaduna.

Productivity started declining as soon as government stopped their business in business by turning to taxation.

Which one comes first, the chicken or the tasty fry.
In the days when government was active in business, poverty and unemployment isn't this high.

For now government tax businesses to extinction, yes govt need money. Now we borrow.

Wow I Stan!!!