The Lagos State Government has disbursed N740 million in accrued pension rights to 348 retirees.
The payment was confirmed by Mr. Babalola Obilana, Director-General of the Lagos State Pension Commission (LASPEC), during the 107th batch retirement bond certificate presentation ceremony held on Friday.
This payment covers the retirees' past service benefits before the Contributory Pension Scheme (CPS) commenced in 2007, ensuring their financial security in retirement.
According to him, the state government is committed to supporting retirees throughout their retirement journey.
Obilana commended Gov. Babajide Sanwo-Olu for his prompt support payment of pension obligations.
He also lauded the governor for the various policies initiated to better the lives of the retirees.
The director general explained that Lagos State has made significant strides in enhancing transparency, efficiency, and sustainability of its pension systems.