The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday announced a 33% increment for all State Pensioners under the Defined Benefits Scheme (PAY AS YOU GO) with effect from the 1st January, 2020.
He also approved the payment of a balance of 25% rent allowance for officers on GL 07 and above who had retired from May 2000 to August 2004.
This was disclosed during a meeting between the state Commissioner for Establishments, Training and Pensions, Mrs Ajibola Ponnle, and the members of the Nigeria Union of Pensioners in Ikeja. She affirmed that both the increment and payment of the arrears will take effect from September, 2020, in a bid to meet up with the harmonisation exercise for the pensioners.
She stated that despite the shortfall in revenue accruable to the State government due to the COVID-19 pandemic, the Governor, since his assumption of Office, has paid a total sum of ₦1.893 billion to pensioners under the Defined Benefit Scheme. She also added that all monthly pensions were paid as at when due without exception.
According to Ponnle, under the Contributory Pensions Scheme, the Lagos State Government paid over ₦21 billion as accrued pension rights to 5,354 retirees from May 2019 – August 2020, while over ₦978 million was credited into the Retirement Savings Accounts of 405 Retirees in June 2020.
She maintained that all retirement bond certificates for June 2020 have been released to the Pension Fund Administrators for onward transmission to beneficiaries.
The commissioner reiterated that the government is determined to ensure that pensioners’ rights are paid promptly while beneficiaries will continue to enjoy the dividends of democracy in the State.
She also emphasised that the present administration is passionate about retirees’ welfare and will 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”, she added.
