Babajide Sanwo-Olu, Governor of Lagos State has approved a 33 percent increment for all state pensioners under the Defined Benefits Scheme (PAY AS YOU GO) with effect from January 1, 2020.
Sanwo-Olu approved the payment of a balance of 25 percent allowance for officers on Grade Level 07 and above who had retired between May 2000 and August 2004.
Ajibola Ponnle, Commissioner for Establishments, Training, and Pensions, disclosed this on Tuesday during a meeting with the members of the Nigeria Union of Pensioners in Lagos.
She affirmed that both the increment and payment of the arrears would take effect from September 2020, in a bid to meet up with the harmonisation exercise for the pensioners.
Ponle said despite the shortfall of revenue owing to the COVID-19 pandemic, Lagos State Government has regularly paid a total sum of ₦1.893 billion to pensioners under the Defined Benefit Scheme.
According to her, under the Contributory Pensions Scheme, the Lagos State Government paid over ₦21 billion as accrued pension rights to 5,354 retirees from May 2019 to August 2020, while over ₦978 million was credited into the Retirement Savings Accounts of 405 retirees in June 2020.
Maintaining that all retirement bond certificates for June 2020 have been released to the Pension Fund Administrators for onward transmission to beneficiaries, Ponnle reiterated that the state government was determined to ensure that pensioners’ rights were paid promptly while beneficiaries would continue to enjoy the dividends of democracy in the State.
The Commissioner emphasised that the present administration was passionate about retirees’ welfare and would continue to acknowledge their service to the state, hence the reason for the approval which is also geared towards cushioning the effects of the pandemic.