Lagos Water Corporation pays N323.48m to 149 retirees

The Lagos Water Corporation recently paid N323.48 million to 149 workers who retired from its service between 2008 and 2014, its Managing Director (MD), Mr Munimu Badmus, had said.

Badmus told Newsverge in Lagos on Thursday that the new contributory pension scheme had aided the corporation in settling the entitlements of its retirees promptly.

“’The corporation recently paid N323.48million as retirement entitlements of 149 staff that retired between 2008 and 2014.

“Just this week, we presented bond certificates amounting to N68million to another 36 staff that retired from the corporation.

“The new contributory pension scheme is really helping to reduce the period contributors will wait to access their Retirement Savings Account (RSA) after retiring from service.

“I am committed to remitting every deduction from all employees’ salaries into their RSA,” he said.

Badmus said that the scheme had helped him since becoming the managing director to settle the backlog of benefits of the corporation’s retirees.

He thanked the retirees for their patience while waiting to collect their entitlements after years of hard work, loyalty and resourcefulness in their service to the corporation.

He said that the present management of the corporation was also committed to ensuring that its retirees get their entitlements as soon as they retire from service.

NAN reports that the Lagos State Government consistently funds its Retirement Redemption Fund Account.

The Lagos State Pension Commission (LASPEC) over sees that pension administration in the state as well as releases the bond certificates to retirees of the state’s ministries, departments and parastatal agencies (MDAs).