ABSTRACT
No man is an island;
collectively we have been able to make a thorough research on how effective
pension scheme in both the civil and public sectors of the Nigerian economy has
been beneficial or just a mirage to the Nigerian workers; thus a case study of Enugu
state. In the first case, the purpose of the study shall be looked at. As
an overview, the aim of this study as to look at the impact of pension schemes
on a sector of Nigerian workers of this public servants and how effectively
this pension arrangement would be made so as to cover every sphere of there
problem in relation to this. So, the purpose stretches from the important of a
proper pension arrangement and how best it shall be implemented to affect a
proper working of the plan. The
method of study is purely on both qualitative and quantitative basis. But in
particularity, the table analysis was used for the analysis of the data
collection. The third part of the project, death on method of data
collection which was purely on interview; so the response from the interview as
used a data per analysis for the research work. The last part deals with
basically the major pounding. This shall be merit viewed as follows the factors
which militate against the effective administration of pension scheme in the
country which may include: irregular payment of benefits lack of enlightment
programme etc. in our findings, the following recommendation could ensure a
need for regular review of pensioners, the manpower needed making the scheme to
be contributory etc.
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1
Background of Study
1.2
Statement of Problem
1.3
Objectives of
Problem
1.4
Significance of Study
1.5
Scope of the Study
1.6
Limitations of the Study
Reference
CHAPTER TWO
LITERATURE REVIEW
2.1
Concept of Retirement
2.2
Pension Reform Act Contribution in Nigeria Workers
2.3
Retirement Benefits
2.4
Methods of Providing
Benefits
2.5.0Establishing
Retirement Benefit
Scheme
2.5.1Creation of the
Legal Frame Work
2.5.2Letter of Exchange
2.5.3Traditional
Occupation Schemes
2.5.4Informing the
Employees
2.6.0Types of
Benefits
2.6.1Early Retirement
2.6.2Later
Retirement
2.7 Types of
Retirement
CHAPTER THREE
PRESENTATION AND
ANALYSIS OF DATA
3.1
Data Presentation
3.2
Summary of Findings
3.3
Recommendations
3.4
Conclusion
Bibliography
CHAPTER ONE
INTRODUCTION
1.0
Background of Study
In the traditional Nigerian society, aged
parents look up to their children for support and this is one reason that the
average numbers of children in Nigeria home are usually more than those of
their counterparts in more developed countries. The home is therefore the
bedrock of provision for the old. This arrangement therefore instates the role
of a pension scheme on a less final setting.
It would be appropriate at this junctures to briefly give the meaning of a
pension.
A pension can be defined as a series of regular payments provided by government
or former employer for a person who has come to the end of his normal working
life. It is an income during retirement at it’s most basic level. Such an
income will assist the retired person to survive and depending on the amount
and on any other means he may have, it may also enable him continue to enjoy
some of the luxuries which he could afford during his working life. As earlier
indicated, it is evident now that the Nigerian traditional society simply
substitutes the large extended family as a pension scheme. Members of the
family collectively make every provision required by the retired for his/her
upkeep until death.
This method of course is crude and not very effective one which can be
illustrated as thus: Assuming the retired has an infirmity this would mean
double trouble for the supporting family and where the loss by accidental means
one can retire only imagine the plight of such a retiree and dependents.
In order not to dabble much into that aspect, we will now examine the
background of the pension scheme itself. Accordingly, pension dates back to the
twelfth century and in those time, it was only through local manors or boroughs
that protection was obtained from hardship and also within the confines of the
community that guilds distributed relief. At that time though it was only
regarded as relief for the old and poor and not necessary as a benefit for
service rendered during one’s working days. These guilds were founded on
religious or charitable basis and as time went on, merchants and craft guild
were also founded. Gradually as strong central government emerged, caring of
the poor because a national issue rather than a local responsibility so
legislature concerning the poor becomes common.
As time went on, the occupational pension scheme which established a right to a
pension as a result of previous employment was also introduced and this is
where, we are most concerned with in this research work.
In Nigeria generally, pension scheme does not import much meaning to the
workers, not to mention it’s usefulness. It still has not rested it’s full
weight on the Nigerian populance because all they see and know about is that it
is some sort of income which one is supposed to be entitled to after retirement
but never gets.
This is the present position of what the average Nigerian worker feels and
knows of pension, which is pathetic. What is the cause of this
situation? How do we go about correcting the system? All these and other
questions will enable us straighten out the present position of pension schemes
in Nigeria using Enugu state as a case study.
Many Nigerian workers after retirement from active service whether voluntary or
otherwise are not aware of what entitlements they are entitled to as pension or
where there is awareness, those in authority seen to be up to one thing or the
other in order to delay the commencement and safe of the retiring employee’s
pension.
Experts in Nigeria agree that due to the fact that most workers become dejected
and worn-out after retirement, not a few of them (workers) look up to their
retirement period with optimism.
While the retired civil servants could be slightly better if as they are
entitled to monthly stipends in the firm of pensions their counterparts in the
private sector are not so lucky. They receive theirs en-bulk at the initial
time of retirement and no more. Therefore it becomes difficult for them to plan
and carry out their obligations which they still carry along with them
regardless of their fresh status, as retried workers.
Another area where this research would tend to examine are the reasons being
given for the delay in payments of gratuities and pensions which range from
structural defects in payment arrangement in relation to bureaucracy, fraud and
mismanagement of pension funds, though the Nigerian constitution on the
protection of pensioners safe “The right of a pension in all the public service
of the federation to receive pension or gratuity shall be regulated by law. Any
benefit to which a person is entitled shall not be withheld to his disadvantage
it however, is salient on when payments should be made and penalties for delay.
It is against this background that this research work will be established and
recommendation made curb the present disheartening situation as regards pension
schemes in Nigeria.
1.2
statement of Problem
This study will aim at examining the problems
associated with pension scheme effectiveness and efficiency, the administration
of pension funds and criteria for setting up such schemes in Nigeria. It
intends to finds out why it is near impossible for retirees to receive their
pensions, the employees’ role in pension’s arrangement and the administration
of the pension funds. Another problem that would be considered would be that of
managing the retirees in such a way that they are given adequate opportunity
which would enable them to prepare very well or their new lives after their
disengagement from active service as well as rehabilitating them so as to
prevent the social menace in the society.
1.3
Objective of Study
The objectives of the study are enumerated as
follows:
1. Examine the effects of pension schemes on the
average Nigerian workers
2. Ascertain difficulties associated with the
administration of the scheme.
3. Cross check methods in which schemes are run.
4. Recommendation on row to solve difficulties.
1.4
Significance of the Study
The significance or import of this study is such
that would be a useful parameter in the following ways:
1. Reward for loyal service
2. Promote efficiency within an organization by
making it possible for older employees to retiree without fear of poverty and
wretchedness.
3. Help employers attract the right types of staff
and retain them.
4. Encourage good employer/employee relationship
the study will also be an invaluable contribution to the following groups:
a. Employers of labour
b. State and local government
Authorities
c. Management and staff of the
Nigerian social insurance trust fund
d. Federal government
e. Insurance and brokerage
companies
1.5
Scope of the Study
The scope of this study will be limited to Enugu State and focus on two public
limited companies Nigerian Railway Corporation (NRC) and NNPC but focusing
mainly on Nigerian Nationally Petroleum Corporation (NNPC). It is anticipated
that the result of this research would provide valuable insight for a possible
re-valuation of not only the target companies but other companies
administration of pension scheme.
Department | Business Administration and Management |
Project ID Code | BAM0344 |
Chapters | 3 Chapters |
No of Pages | 61 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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Contact Us On | +2347043069458 |