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RETIREMENT
POLICY AND PROBLEM OF IMPLEMENTATION IN NIGERIAN PUBLIC SECTOR
ABSTRACT
The study
Retirement policy and the problem of implementation in Nigerian public sector
was aimed at determining the effects of old pension schemes (pay-as-you-go-defined
benefits) and they are corruption and inflation, weak institutional capacity
and non-compliance of stakeholders which lead to non-implementation of the
previous pension scheme, thereby growing rise to the contributory pension
scheme (PRA 2004), as a way of strengthening the powers of the operators of the
scheme and promoting social investments in the national economy. The survey
method was adopted in administering the questionnaires to the staff and retires
of Enugu state civil service and the Bourley’s formulae was used to determine
the sample size. the retirees complained that they have experience difficulty
in claiming their gratuity and pension which have resulted for them not to
enjoy their retirement period, due to the challenges facing the defined
benefits scheme. The effective implementation of pension reform act (PRA) 2004
would avert the hardship of retirees of Enugu stage civil service after this
retirement, thereby forcing them into productive venture after retirement.To quicken the dispensation
of the pensioners benefits in term of gratuities and pension, federal
government establishes the national pension commission which later licensed on
fund administrators (PFAS) and pension fund custodian (PFCS) for effective
operations of the scheme. Finally, relevant legal framework should be put in
place by the federal government to ensure political economy and necessary
support for the scheme by subsequent government, and all hands should be on
deck to ensure the success and sustainability of the pension reform act (PRA)
2004.
TABLE OF
CONTENTS
Title
page
Abstract
Table of
Contents
Chapter One:
Introduction
1.1 Background of the study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Hypothesis
1.5 Significance of the Study
1.6 Delimitations/scope of the study
1.7 Limitations of the study
1.8 Definition of Terms/Acronyms
CHAPTER TWO:
LITERATURE REVIEW
2.1 Origin and development of retirement policy
2.2 Retirement and Pension policy in the public
sector
2.3 Overview of pensions scheme after 2004 Act
2.4 Management Structure and Implementations
2.5 Factors Responsible for non-Implementation
of the Retirement Policy
2.6 Legal Framework for the Implementation of
the new Retirement Policy (PRA 2004)
2.7 Funding and Safeguard of the Scheme
CHAPTER
THREE
RESEARCH
DESIGN AND METHODOLOGY
3.1 Research Design
3.2 Population of the study
3.3 Sample Selection for the study
3.4 Sampling Technique
3.5 Method of Data Collation
3.6 Validation of Research Instruments
3.7 Reliability of the Instrument
3.8 Method of Data Presentation and Analysis
CHAPTER
FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation
4.2 Data Analysis and Interpretation
4.3 Test of Hypothesis
CHAPTER
FIVES: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
5.2 Conclusions
5.3 Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Retirement
can be seen as the period of time in an employee’s, employment life when he or
she has satisfactorily served the organization, that employed year of the
contract.
This is a period in an employee life
when he or she separates from his or her job because of their age. This is also
a period when the employee has spent a specified period of time with the
employer which qualified the employee to be retired.
Usually, employees serve for thirty
five years and yet retired in the public service or are retired at the
reliamentage of six five years for both men and women when an employee has
satisfied the employment requirements and has retired from work, he or she is
supposed to receive a relative amount of money is usually paid to a retiree (a
retired employee). This amount may come in regular form (either monthly or
quarterly) sometime, most pension schemes require employees to contribute part
of their earning (usually 6 or 7%) to pension fund from which they will later
receive as pension, these are called contributory schemes. This are other
pension schemes. This implies that the employer bears the full cost of paying
pension to its retirees.
When an organization applies the
contributory pension scheme, it usually employs the services of a pension fund
administration (PFA). This is a thirty party organization employed by the
employer or both the employer and the employee (in the case of contributory
pension scheme) to manage the funds that will eventually be used to pay the pension of employee.
The pension is very important to the
retiree because he/she can be able to earn a living from it in his or she old
age.
The government being the biggest
employee of labour has a major role to play in determining the standard of
retirement policy in the country.
It is whatever the private sector see
the government implementation that they will want to implement to set high
standards (making it possible for the retirees to enjoy the best terms of their
retirement benefits). So that the private sector will not have to fall too
short of required standards by implementing very poor pensions and gratuity at
the end of a very meritorious services to the organization.
1.2 STATEMENT OF THE PROBLEM
The
non-payment of gratuity and pension to retirees has become a recurrent
phenomenon in Nigeria since the attainment of political independence. This has
seriously affected most of the public sector. These are people who have
services their country at all levels and when they are useless. The Nigerian
pensioners (especially those from the public sector) stay for months or years
without receiving their retirement benefits to enable them survive after their
meritorious service to the nation some of them even die before their benefit
are paid.
Recently, the guardian newspaper of
Monday, February 6, 2010 in an article titled pensioners. Their regrets, their
expectations, related the death of one Mr Agboola T. Sunday – a retired senior supervisor in
the accounts departments of the Nigerian railway cooperation Mr Agboola died
from an ailment which member of his family believed could have been cured if he
had been taking drugs recommended for him. According to his son jude our father
could not buy drugs which he most needed because he had no money. He had not
been paid his pensions for the past 15 months and all other avenues for succor
has been exhausted if the government had remembered and paid him his due after
30 years of service to his fatherland, he wouldn’t have died. What befall Mr
Agboola happened to be hundred of retired public officers who spend the
youthful part of their lives at work only to be allowed to die in want and
hunger. This is the predicament of the embattled Nigeria public servants for
instance at the town planning department here in Enugu state it takes an
average of two years to get any entitlement paid. That is why it is alleged
that most people earning their retirement age fell uncomfortable because they
may have to wait longer than necessary to get entitlement.
The plights of retirees can best be
imagined especially now that the home of pay of an average civil servant can
hardly take them home. Though the minimum wages of civil servant has been
raised by the federal government to at least to alleviate their sufferings, but
the issue goes beyond minimum wage for pensioners.
The fundamental problem is that of
delay of payment if the stipend come in as at when due, perhaps the pensioners
may well adjust to the diet state of their times and wherever the money takes
then they live the rest before the next stipend comes in.
But this is not the situation
pensioners are groaning under a heavy yoke, the stipend is small and it is not
coming at all.
This study will attempt to examine the
impact of implementation of retirement policy on the retirees inline with the
question stated below: what impact does the implementation of retirement policy
have on the retirees of the Enugu state civil services?
1.3 OBJECTIVE OF THE STUDY
The study
aims to asses the impact of retirement policies on the social welfare of
retirees of the Enugu state civil service over the years and how best to
improve these policies in order to meet the desire of the retirees.
This study
aims to unearth the problems that lead to lack of implementation of retirement
policies of both the federal government in Nigeria which in turn brings in told
hardship to the retiree , lastly the study intends to make recommendations
(where necessary) on how to improve the living standard of retired civil
servant especially those in Enugu state.
1.4 HYPOTHESIS
H0: The implementation of retirement policy in
Enugu state civil service has no adverse effect on the retirees.
HI: The implementation of retirement policy in
Enugu state civil service has an adverse effect on the retirees.
There by, subjecting them to untold
hardship.
Test Of
Hypothesis
In testing this hypothesis, emphasis
will be based on the responses from the population concerned, who will through
the questionnaire indicate the effect of the implementation of retirement
policy on them. Such indices as the amount of gratuity and pension of the retirees in relation to the prevalent nature
of the economy, the consistency of payment of the retirement benefit, the financial
situation of the retirees and how it has affected both their lives and that of
their families their level of defense on the monthly payment, how it has
changed their standard of living will be used. Taking the population into
consideration, the level and nature of their responses to the implementation of
retirement policy on them, if the level of positive response to the question is
50% or above 50% the alternative hypothesis HI. The implementation of
retirement policy in Enugu state civil service has an adverse effect on the
retirees will be accepted. But when the level of response is below 40% the null
hypothesis H0 – the implementation of retirement policy in the Enugu state
civil service has no adverse effect on the retirees will be accepted.
1.5 SIGNIFICANCE OF THE STUDY
The
importance or significance of the study cannot be over looked in view of the
fact that not much work has been done by scholars in relation to this study.
Hence this research work will go a long
way in contributing to the existing literature on retirement policy and service
in general and the Enugu state civil service in particular and how this impact
on both the retirees and the worker nearing retirement.
Also, this
work will serve as information media to the general public, most especially the
young and the Nigeria retirees and the need to make adequate preparation,
psychologically, socially and otherwise before retirement.
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