Lagos State Government has said it has paid N4.2 billion to pensioners in the state under the Defined Benefits Scheme otherwise known as ‘Pay As You Go’ from May 2019 to March 2021.
Commissioner for Establishment, Training and Pension, Mrs Ajibola Ponle made this known at the ongoing 2021 ministerial press briefing which is part of activities to mark the second year milestone of the Babajide Olusola Sanwo-Olu’s administration.
Ponle disclosed that as part of the State’s commitment to the welfare of pensioners, Governor Sanwo-Olu approved payment of 33% increment for all state pensioners under the Defined Benefit Scheme and also paid the balance of the 25% rent allowance for officers on Grade Level 07 and above who retired between May 2000 and August 2004.
The Commissioner said: “There are currently 15 approved Pension Funds Administrators (PFA) and seven approved Insurance Companies who render pension funds management and annuities services to retirees in the State.
“Today, Lagos State is a trailblazer and pacesetter in pension matters in Nigeria having won awards as most pension compliant in the dispensation on several occasions.”
Ponle added that as part of measures to better the lives of pensioners in the state in line with the current administration’s policy of inclusion, the ministry is always interfacing with relevant stakeholders such as Nigerian Union of Pensioners, Association of Retired Heads of Service and Permanent Secretaries and others.
Ponle further disclosed that when the Second phase of Covid 19 pandemic broke out in the country last year, the State recommended vaccines for Pensioners who are over 70 years.