The Lagos State Government has begun planning for at least 1,200 employees to leave the public sector between January and July 2023.
This was said on Saturday during the 23rd Retirement Benefit Documentation Seminar for upcoming retirees in Lagos by Mr. Babalola Obilana, Director-General, Lagos State Pension Commission (LASPEC).
According to Obilana, the seminar was organised in conjunction with Annuity Service Providers and Pension Fund Administrators (PFAs) recognised by the state (ASPs).
In order to process the retirees’ accumulated pension entitlements, which would be transferred into their Retirement Savings Accounts (RSAs) upon retirement, he stated that the commission aims to give pertinent information on the documents needed.
“We believe that your retirement should be seamless and stress-free after spending a significant amount of your productive years in service to the state.
“You will be educated on the recent updates to the Contributory Pension Scheme (CPS), and there will be valuable information on managing your health and personal finances in retirement.
“Also, investment and estate planning tips will be shared so that you can maximise and fully enjoy your pension entitlements,” he said.
He said that the state government is dedicated to quickly resolving pension-related difficulties and is always coming up with new ideas to provide top-notch service to its pensioners and soon-to-be retirees.
The director-general highlighted that 11,854 retirees’ RSAs had received nearly N44.5 billion in credits since the start of the current government in May 2019.
The state administration, according to Obilana, would not give up on securing financial security for its seniors.
He disclosed that LASPEC had supported and executed a number of business and pension changes.
He cited the RSA Transfer Window, Automation of Business Processes, Inspection of PFAs and ASPs, and the New LAG-ID Card as improvements that will lessen the burden on the elderly.
“I appreciate all our stakeholders, especially the service providers, the PFAs and ASPs, you are part of the success story of the Lagos state CPS,” he added.
An upcoming retiree, Mr. Olanrewaju Wusu, commented and praised God for the grace to have a good service year, stressing that everything in life has its time.
Wusu recalled his fantastic time working with the Lagos State Public Service.
He expressed gratitude to the state government for hiring him as a janitor when he was a young man and giving him the chance to advance through the ranks until he could retire as a director.
“The Lagos state government provided an enabling environment for us to study more and grow on the job.
“It is by God’s grace that we were able to join the state’s public service and to still be alive to exit it in a few month.
“Some of the colleagues we joined together are either not alive today or not in good health, so we thank God and pray that God heals those that are sick,” he said.
