The Lagos State Government says it has remitted N35.92 billion into the Retirement Savings Accounts, RSA, of 8,731 retirees in the state.
Commissioner for Establishments, Training and Pensions, Dr. Benson Oke, disclosed this at the weekend at a ministerial press briefing, held in Alausa, Ikeja, Lagos, Southwest Nigeria.
He said from August, 2015 to date, the sum of N35.92 billion had been paid into the RSA of 8,731 retirees/ deceased/withdrawn staff.
The commissioner also said there had been regular deductions of 7.5% of monthly basic salary, rent and housing allowances from the salaries of staff and corresponding 7.5% by the State Government into the Retirement Savings Accounts maintained by them with their appointed Pensions Fund Administrators, PFAs.
According to Oke, this had been achieved due to automation of the payroll which automatically ensured deductions/remittances of pension contributions, saying that from May, 2017 to date, contributions by employee and that of the employer credited into Retirement Savings Accounts was N9,562,897,973.60.
“The Oracle application is regularly upgraded as indicated, for example, in the recent addition of the Additional Voluntary Contribution deduction field on the Oracle application,” he said.
Oke added that the terminal entitlements of retirees paid by the Lagos State Government through the Lagos State Pensions Commission, LASPEC, into the RSA of 2,466 Public retirees within the last one year was N9,296,710,235.
On payment of death benefits, the commissioner disclosed that in the last one year, 80 beneficiaries of deceased employees had been paid the sum of N220,700,741.76, adding that the state government, in the last 31 months had through the Commission paid to 130 named beneficiaries, insurance benefit worth the sum of N392,045,091.95.
“The insured death is by Law to be paid to named beneficiaries to alleviate the, immediate needs of the family members of a deceased person. The Estate of a deceased staff is also entitled to receive the balance in the Retirement Savings Account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme (CPS),” he explained.
On training, the commissioner disclosed that 3,520 officers attended 35 In-plant Training Programmes Service-wide, saying that nine top government officials were sponsored for international training programmes and that 30 officers were also sponsored to local workshops/Seminars during the period under review.