The Lagos State government has paid N740 million accrued pension rights to another set of 348 retirees.

Babalola Obilana, the director general of the Lagos State Pension Commission (LASPEC), confirmed this at the 107th batch retirement bond certificate presentation ceremony on Friday in Lagos.

Mr Obilana said the payment was for the retirees’ past service benefits before the start of the Contributory Pension Scheme (CPS) in 2007.

According to him, the state government is committed to supporting retirees throughout their retirement journey.

Mr Obilana commended Governor Babajide Sanwo-Olu for his prompt support and payment of pension obligations.

The director general explained that Lagos State has made significant strides in enhancing transparency, efficiency, and sustainability of its pension systems.

He stated that implementation of the CPS provided a more equitable distribution of benefits, ensuring that all workers had access to a reliable pension at retirement.

According to him, LASPEC is committed to maintaining an efficient and robust pension process.

LASPEC has also launched sensitisation programmes to educate current employees and those close to retirement about the CPS and the necessary documents for processing retirement benefits.

These events featured experts who are specialists in financial literacy and investment options.

Mr Obilana said this was to ensure that the state’s retirees were well-equipped to manage their finances effectively in their new phase of life.

He added that the state government had also implemented free health insurance and subsidised public transportation for Lagos State retirees, demonstrating its commitment to their welfare.

Also speaking at the event, Funmilayo Aiyelabola, a retiree, appreciated the state government for having the interests of the retirees at heart.

(NAN)