The Lagos State Government has given out N740 million to help 348 retired workers.
Mr. Babalola Obilana, who is the boss of the Lagos State Pension Commission (LASPEC), said during a special event in Lagos that they paid this money. This was shared by NAN.
The money is for the time the retirees worked before a new pension plan started in 2007.
He said the state government wants to make sure retired workers have support after they stop working.
Mr. Obilana also thanked Governor Babajide Sanwo-Olu for quickly giving retirees their money and for trying to make their lives better.
He talked about how Lagos State is getting better at handling pension money in a fair and clear way.
He said the new pension plan makes sure every retired worker gets their rightful money.
He said:
“My team works hard to make sure pension payments are fast and easy.
“Now, we pay retirement money in the same year people stop working.
“This shows how serious we are about taking care of retirees’ money,” he said.
More Useful Information
- LASPEC has set up programs to teach workers about the new pension plan and what papers they need when they retire.
- These programs have experts who talk about how to handle money and where to invest it.
- Mr. Obilana said they want to help retirees manage their money wisely after they retire.
- The government also gives free health insurance and cheaper transport for retirees to show they care about them.
“Congratulations to every retiree getting their certificate today.
“Today is a day to be proud of all you have done and the difference you made.
“We are celebrating because our retirees worked very hard to help our state’s growth.
“Your efforts helped us reach where we are today.
“Remember, retirement is just a new start.
“Enjoy it, follow your dreams, and keep helping your communities.”
Important Things to Know
The Lagos State Pension Commission (LASPEC) was created by a law in 2007 to manage pension money for workers in Lagos State as per the rules in the 2004 Pension Reform Act.
The main goals are:
- To help workers save money for when they retire.
- To make sure retirees get their benefits on time.
- To have clear rules on how retiree benefits are handled and paid.