26th July, 2017
The Lagos State Water Corporation, LWC has paid N20 million as benefits to seven staff who retired from the corporation.
Managing Director, LWC, Engr. Muminu Badmus, who disclosed this also pledged the corporation’s commitment to prompt payment of retirees’ benefits.
Badmus spoke at the second Bond Certificates presentation ceremony of LWC retirees, held in Ijora, Lagos, Southwest Nigeria on Tuesday.
“Today, seven 2015 retirees of the LWC would be presented with the sum of N20 million,” he disclosed.
He said under the new scheme, this would reduce the waiting period for contributors to access their retirement savings benefits.
The managing director said he was delighted that the 2nd Bond Certificates presentation ceremony of the LWC retirees was possible because of the commitment of the management and staff of the corporation.
According to him, earlier this year, the corporation, under the new Contributory Pension Scheme expended the sum of N68 million on 36 retirees.
He further thanked the retirees for their patience, commitment, hard work, loyalty and resourcefulness toward positive and effective service delivery to Lagos State.
Director General, Lagos State Pension Commission, LASPEC, Folashade Onanuga, commended the LWC for prompt payment of benefits to retirees.
Represented by Mrs. Agbabiaka, the LASPEC boss said the corporation had been up and doing in terms of welfare of its workers.
Head, Human Resource and Administration, LWC, Mrs. Aramide Alaka implored the retirees to use the money judiciously, as this was not the time for unprofitable social activities.