Beneficiaries of 15 deceased Lagos State employees were paid a sum of N40.2 million death insurance claims through the Lagos State government. The N40.2 million payment was the claims on group life insurance policy that the state government bought for all its workers. This benefit is designed by law to alleviate the immediate needs of the family members left behind by any deceased Lagos civil servant. The estate of a deceased staff is also entitled to receive the balance in the retirement account and accrued rights due, if the employee had joined service before the commencement of the Contributory Pension Scheme (CPS).
Disclosing this at the Retirement Bond Presentation Ceremony which took place in Alausa, Ikeja, Lagos, earlier in the week, director-general, Lagos State Pension Commission (LASPEC), Mrs. Folashade Onanuga, reiterated the fact that the state government has continued to play leadership role in the implementation of the contributory pension scheme in Nigeria.
She advised the 169 retirees, from the public service whose retirement savings accounts were credited to the tune of N716.9 million as their pension entitlement for the month of June, 2018, not to succumb to any pressure in the choice of annuity or programmed withdrawal benefit options for receipt of monthly pension. The state government, she added, was considering the provision of some welfare programmes to give them comfort in retirement.
Earlier, Dr. Akintola Benson Oke, who represented the governor, Akinwunmi Ambode, at the event, said, more than N38billion had been expended on 9,214 retirees from inception of Mr. Akinwunmi’s administration.
According to him, 120 retirees from SUBEB, seven from local government and 42 from the mainstream public service benefited in the retirement bond presentation exercise.
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