. . . Disburses N4.2bn Under Defined Benefit Scheme In Two Years

The Lagos State Government has paid N14.71billion as accrued pension rights to 3,494 retirees, an official has said. Besides, N4,203,784,514.49 was paid through the Defined Benefits Scheme, otherwise known as ‘Pay As You Go’, between May 2019 and March 2021 to ensure that those who retired from the Civil Service enjoy life after diligent service to the State.

Reeling out figures of government expenditure on retirement benefits for public servants, the Commissioner for Establishments, Training and Pensions, Mrs. Ajibola Ponnle, said: “The present administration also approved a pension bailout of N13 billion in the Year 2020 Budget. A new increment in the Retirement Bond Redemption Funding Rate from 5% to 10% of the total emolument of active workers was implemented to clear the backlog of outstanding pension obligations. This is in addition to the payment of accrued pension rights of N14.171 billion to 3,494 retirees.”