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ACCOUNTING FOR
PENSIONS AND GRATUITY
(A CASE STUDY OF
ANAMBRA STATE)
ABSTRACT
A research work into Accounting for
pensions and Gratuity (A case study of Anambra State) cannot be over –
emphasized.
In pursuance of this investigation the
research used both primary source of data collection, like Questionnaire as
well as secondary sources such as text books, Journals, Articles, etc. The data
collections were the analysis using are Agree, Strongly Agree, Disagree,
Strongly Disagree.
Effect was made in this research work
to investigate on the constraints encountered in the imposition of pension and
gratuity and also recommendation were given the way of overcoming them.
This study is obvious if we should
realize that this work will enable to know the number of pensioner in Anambra
State and in the Nigeria in general.
The project is divide into five
chapters in which the first chapter deals with the introduction part, statement
of problem, objective of the study, significant of the study, research
question, research hypothesis, scope of the study, limitation of the study and
definition of terms.
Chapter two deals with review of
related literature as related to Accounting Pensions and Gratuity of origin of
pension and gratuity objective of pension and gratuity scheme, method of
Accounting pension and Gratuity, Qualification for the Award of pension and
Gratuity.
Chapter three deals with research
design and methodology, used primary, secondary source of data analysis,
population and sampling procedures.
In chapter four was discussed define
presentation and analysis and testing of hypothesis.
Chapter five finally deals with
findings, conclusion and recommendation.
TABLE OF CONTENT
CHAPTER ONE:
INTRODUCTION
1.1 Background
of the
study
1.2 Statement
of the
problem
1.3 Objectives
of the
study
1.4 Research
Question
1.5 Research
Hypothesis
1.6 Scope of
the
study
1.7
Significance of the
study
1.8 Limitation
of the
study
1.9 Definition
of
terms
References
CHAPTER TWO:
LITERATURE REVIEW
2.1 Origin of
Pensions and
Gratuity
2.2 Objectives
of pension and gratuity
scheme
2.3 Method of
Accounting for pension and
gratuity
2.4
Qualification for the Award of pensions and
gratuity
Reference
CHAPTER THREE:
RESEARCH DESIGN AND
METHODOLOGY
3.1 Research
Design
3.2 Area of the
study
3.3 Population
of the
study
3.4 Sources of
Data
3.5 Sampling
method
3.6 Instrument
for data
Collection
3.7 Validity
and Reliability of Research Instruments
3.8 Method of
Investigation
Reference
CHAPTER FOUR:
DATA PRESENTATION
4.1 Types of
pension in
Nigeria
4.2 Problems of
pension Accounting in
Nigeria
4.3 Solution to
the problems of pension
Accounting
Reference
CHAPTER FIVE:
SUMMARY OF FINDINGS CONCLUSION
AND RECOMMENDATIONS.
5.1
Findings
5.2
Conclusion
5.3
Recommendation
Reference
Bibliography
Questionnaire
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The management and accounting control of the public, such as pensions and
gratuity is the heart of governmental administration. This research work
describes and explains the statutory administrative and accounting authorities
set up to control the public purse such as pensions and gratuity accounting.
In doing so, the extent of powers of
each financial pension division of department of establishment and that of the
auditor general are delineated. This is followed by an examination of the
principles and practiced of the various forms in which the pensions are kept. A
major characteristic of governmental account that is pension and gratuity accounting
is brought out for focus in process. Then the accounting aspects of
pension and gratuity in relation to the statutory accounting are developed.
Government business, whether in term of policies, programmes, activities an
injunction is run in accordance with the laid down formalities. The formalities
become more rigorous especially in relation to the accounting and reporting for
the collection and use of government funds which support the process of
governance. The legal formalities in the area of pension and gratuity
accounting and financial control, including laws, rules, regulations, circulars
and memorandum. The operation of these depends largely in the disposition of
executive, the judiciary and the legislatives. The bureaucracy, bottlenecks and
concomitant evils associated with the civil service is always x-Ray in these
areas.
The pensions, and Establishment
division of the cabinet office, Anambra State is one of the arms of the
government, put in place to achieve some specific objectives. It is made up of
six sections namely:-
i.
Teachers’ section.
ii.
Reimbursement service section
iii. Civil
service section
iv.
Reconciliation section
v.
Pension Registry and
vi. Condonation
section with the state audit department as an indeendent body that examines the
work of the pension division.
1.2
STATEMENT OF PROBLEM
Insufer this topic, Accounting for pension and Gratuity is concerned, it had
remained a problem.
Because high percentage of accountants
in Anambra state know little or nothing about accounting for pension and
gratuity. The small percentage that seem to have the knowledge are those who
were involved in pensions and gratuity work in both federal and state
establishments and very few indeed.
Therefore, it is the wish of the researcher to overcome the ling-felt need for
a knowledge in accounting for pensions and gratuity bearing in mind that all
public workers in the state civil service to aim at earning pension and
gratuity at the end of heir service period.
1.3
OBJECTIVE OF THE STUDY
The objective of this study research work is to ascertain the contributions of
the pension accountants in the payment of pension and gratuity in Anambra state
and the constraints facing them.
To review areas of discrepancies in accounting for pension and gratuity in
Anambra state.
To identify the standard system of accounting for pension and gratuity.
1.4
RESEARCH QUESTION
Does poor accounting system contribute to the delay in payment of pension and
gratuity in Anambra State?
To what extent does lack of experience pensions accountants affect accounting
for pension and gratuity in Anambra state.
To what extent does lack of standard accounting system for pension and gratuity
affect the accounting for pensions and gratuity in Anambra state.
1.5
RESEARCH HYPOTHESIS
H1:
poor accounting delays in the payment of pension and gratuity in Anambra state.
H2:
lack of competence pension accountants affects accounting for pension and
gratuity in Anambra state.
H3:
lack of standard accounting system for pension and gratuity affect accounting
for pension and gratuity in Anambra state.
1.6
SCOPE OF THE STUDY
This work will cover the period from 2002 to 2009. The study therefore, focuses
on the payment of pensions and gratuity which the researcher deemed necessary
to restrict within Anambra state principally within the period under reference.
1.7
SIGNIFICANCE OF THE STUDY
This research work when completed will give an in-depth study of
Accounting for pension and gratuity in Anambra state, and the researcher must
have achieve her aim of adopting a more regular and systematic method of accounting
for pensions and gratuity in the state.
It is also expected to help suggest ways of improving the present deplorable
conditions of the retires in the state through its findings and
recommendations.
1.9
DEFINITION OF TERMS:
i
PENSION: It is a periodic payment
or allowance to an Individual or to his family, given because of some
meritorious work or when certain conditions such as age, length of service,
etc, have been fulfilled.
ii
GRATUITY: This refers to the bulk sum of money receive-able by a
retiring office who has put in an estimated period of time.
iii
REIMBURSEMENT: Payment to a pension who has expected money out-
of-pocket.
iv
CONDONATION/MERGER OF SERVICE: This is the over looking of some irregularity
in one’s service rendered by an office to avoid a break-in-service and his
service by considered as straight forward services and to qualify for pension
and gratuity.
V
PENSION AGE: It is the age at which pension and gratuity can be
circulated for and officer and this has now been reduced from 15 to 10 years
according to 1992 pension and gratuity reform.
Vi
LENGTH OF SERVICES: This is the period an officer entered the public service
up until the date prior to his retirement. In this connection, the preceding
not-service as a minor”, should be taken into consideration.
Vii
APPOINTMENT: This may be seen as the sharing the retiring benefits
between various government s and statutory bodies according to service rendered
to each.
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