Pension: Lagos signs 18% new CPS contribution rate into law

The Lagos State Pension Commission (LASPEC) on Sunday said that Gov. Akinwunmi Ambode has signed into law the Amended Lagos State Pension Reform Law.

LASPEC’s spokesperson, Mrs Ajoke Lawal, said the amendment increased the contribution rates under the Contributory Pension Scheme (CPS) to 18 per cent.

“It will be recalled that the state transited into CPS in April 2007 and has consistently remitted contributions into employees Retirement Savings Account (RSA).

“The state government’s contribution was increased from 7.5 per cent to 10 per cent, while the employees’ contribution increased to 8 per cent from 7.5 per cent.

“This is to make life more comfortable for employees who retire from the state’s Public Service,” Lawal said in a statement.

She said that Ambode also released N1,001,139 to 177 public service retirees for the month of February.

The commission said that under Ambode’s administration, a total number of 10,601 retirees had been paid Accrued Pension Rights (APR) of N43,630,874 billion.

“The retirees cut across the Mainstream Service, Local Governments, State Universal Basic Education Board (SUBEB).

“Others are the Teachers Establishments Training and Pensions Office (TEPO) and Parastatals of government,” Lawal said.