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EFFECTS OF PENSION
SCHEMES ON THE NIGERIAN WORKERS
(A CASE STUDY OF
ENUGU STATE)
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:
a.
Examine the effects of pension schemes
on the average Nigerian workers
b. Ascertain
difficulties associated with the administration of the scheme.
c.
Cross check methods in which schemes
are run.
d. 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:
i.
Reward for loyal service
ii.
Promote efficiency within an
organization by making it possible for older employees to retiree without fear
of poverty and wretchedness.
iii.
Help employers attract the right types
of staff and retain them.
iv.
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.
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