Lagos State Governor, Babajide Sanwo-Olu has approved an increase of 33 per cent adjustments in the pensions of retirees under the Defined Pension Scheme (DBS) arising from the implementation of the New Minimum Wage Act.
The governor has also announced plans to repeal the former governors’ pension law while presenting the 2021 Appropriation Bill to the state House of Assembly last November.
The Director-General, Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana made this known in an interview with The Nation.
Obilana said the governor said the aim of repealing the law was to free the state government of the legal obligations and reduce the cost of governance.
The LASPEC DG further said the government is committed to the speedy resolution of pension issues.
He maintained that Lagos is the only state in Nigeria with up-to-date pension contributions remitted to the Retirement Savings Account (RSAs) of pensioners under the Contributory Pension Scheme (CPS).