The Lagos State Pension Commission said on Sunday in Lagos that the gesture was in fulfilment of monthly pension settlement embarked on by Governor Akinwunmi Ambode.
Lagos State Government says it has released about N720.5 million to settle backlogs of 190 pensioners’ entitlements under the Contributory Pension Scheme.
The Lagos State Government says it has released over N2 billion to off-set its pensioners’ obligation under the Contributory Pension Scheme in the last three months.
Under the new regime, retirees will be paid their gratuity (lump sum) within three months after retirement.
The Director-General of the Lagos Pension Commission Folashade Onanuga, said in a statement on Wednesday that N723 million was paid into the Retirement Savings Accounts of 149 retirees from the state’s Public Service.