Post Retirement and Welfare Challenges in Nigeria: Issues and Prospects
Keywords:Retirement, Pension, Gratuity, Retiree, Employee
Today, pension management poses a major challenge to government, the active employees and retirees alike, in terms of contribution and payment. The totality of plans, procedures and legal process of separating funds and administering the fund as and when due, to meet the demands of workers on retirement is what makes for meaningful living of retirees. The fund separated and given to these categories of employees in lump sum is gratuity and the one given on installment basis is pension. The inability of organizations to fulfill this obligation to the employees that have used their productive age to serve in various capacities have made life after retirement miserable and undesirable for the affected workers. This study examined the various factors responsible for poor administration of retirement benefit, the pension schemes and its challenges, and identified strategies towards easing the challenges. The study adopted secondary data. It discovered that; government had put in place several pension scheme overtime, employers and employees themselves have part to play at retirement so that employees can look forward to retirement with excitement. It concluded that strict government regulations, retirement planning by both employer and employees will enhance post retirement welfare. It is recommended that government should engage in aggressive orientation of citizens on the need for retirement planning, employers should give employees early notification on retirement date, followed by regular reminder. Employees should embrace savings and investment culture, and desist from lavish lifestyle.
Adebayo, R. I. (2010). Ethno Religious Crisis and The Challenges of Sustainable
Development in Nigeria. Journal of Sustainable Development in Africa. 12(4), 197-202
Adeniji, A.A., Akinnusi, D.M., Falola, H.O. &Ohunakin F. (2017). Administration of
Retirement Benefits in Nigeria: Periscoping the Effect on Retirees. International Journal of Applied Business and Economic Research. Vol. 15, 319-334
Agoro, A. (2009). There Goes the Buck of my Life Savings. The Nation. 24, 19.
Ahmad, S. (2007). The Contributory Pension Scheme: Sensitization of Key Stakeholders of
Benue State. Makurdi, Nigeria: Benue State Government.
Ali, M. (2014), Managing Post Retirement Conditions in Nigeria. Journal of Good Governance and Sustainable Development in Africa. 2(2), 37-60.
Ayegbaju, A. & Iyefu, A. (2004). Why Pension Fail in Nigeria” Abuja. This day online
Babasola, S. (2000). Military Pensioners Seal-off Oyo Governor’s Office over Pension Arrears. Vanguard(online). Available: http//:www.vanguardngr.com/wk108200/sw
Bassey, N. E &Asinya, F.A. (2008). An Overview of the Nigerian Pension Scheme from
1951 – 2004.Global Journal of Humanities.7 (1&2), 61-70.
Casey, B.H. (2011). Pensions in Nigeria: The Performance of The New System of Personal
Accounts. International Social Security Review. 64(1), 1-14.
Chilekezi, B. (2005). Outline of The Reformed Pension Scheme in Nigeria. Lagos
International Training and Educational Services.
Ebosele, M. (2001). Railway Pensioners Protest Non Payment of Arrears. Guardian (online), Available: http//:www. ngrguardiannews.com/news2/nn816017.html.
Egbuta I.C. (2001). Thinking of Your Retirement, A Guidance Planning. Ages, Nigeria limited.
Eme, O.I,. Uche, O.A. &Uche, I.B. (2014). Pension Reform Act 2014 and The Future of Pension. Arabian Journal of Business and Management Review. 4(2), 156-165.
Ezeani, E. O. (2001). Planning and Managing Post- Retirement Socio – Economic
Conditions: A Public Perspective. A Paper Presented at a four – day Training Workshop of Staff of Institute of Management and Technology, Enugu between 9-12 May.
Fapohunda, T.M. (2013). The Pension System and Retirement Planning in Nigeria.
Mediterranean Journal of Social Science. (4)2, 147-162.
Federal Republic of Nigeria Official Gazette (2004). Pension Reform Act (2004). Lagos:
Federal Government Press
Garba, A. &Mamman, J. (2014). Retirement Challenges And Sustainable Development in
Nigeria. European Journal of Business and Management. 6(39), 94-97.
IBTC Pension Managers. (2008). Planning for Your Retirement.
Maji, A. (2014). Managing Post-Retirement Conditions in Nigeria. Journal of Good
Governance and Sustainable Development in Africa. (JGGSDA). 2(1), 110-121.
Mohammed, U. (2013). Corruption in Nigeria; A Challenge to Sustainable Development in The Fourth Republic. European Scientific Journal.9(4), 123-134.
National Pension Commission. (2006). Seminar Paper on Pension Reform, August 2006.
Okolie, A.M. & Omenma, J.T. (2011). The Pension Scheme and Economic Life After
Retirement: A Public Sector Perpective. A Paper Presented at a four-day Training Workshop of Staff of Institute of Management and Technology, Enugu between 9-12 May.
Olatunde, A, and Onyinye, T. (2008). Problems and Prospects of Retirement Adjustment on
Families of Retirees Among Civil Servants in Ekiti State, Nigeria. A Paper Presented at The National Workshop on Pension Reforms. 12th- 14th June at Ekiti State University.
Oniye, A.O, (2011). Problems Associated With Retirement and Implications for Productive
Adult Life. Nigerian Journal of Gender and Development. 4(1), 102-118.
Orifowomo, O.A. (2008). A Critical Appraisal of Pension System Reforms in Nigeria.
Available at http://www.gonzagajil.org.
Ozor, E. (2006). Review of Factors That Slow Down The Processing of Retirement Benefits.
A Paper Presented at The Workshop Organized by The Institute of Chattered Secretaries and Administration of Nigeria, held at Modotel Enugu, between 14th and 16th May.
Robolino, D. (2006). Parametric Reform- Objectives, Options and Experiences. A Paper
Presented at World Bank Core Course On Pensions. The World Institute, Washington DC.
Sterns, W.L. (2006). Work and Retirement In Older Society. In Our Aging Society, Paradox And Promise. A. Pifer and L. Bronte, eds. New York; Carnegie Corporation, pp 341-365.
Taiwo, O. (2014). Pension Reform: Matters arising.