PENSION SCHEMES MANAGEMENT IN NIGERIA PROBLEMS AN PROSPECT (A CASE STUDY OD NIGERCEM NKALAGU ENUGU STATE
This research work is aimed at examining pension scheme management in Nigeria with particular reference NigerCemNkalaguEnuguState with the intention of finding out if there are more efficient and effective ways of achieving the objectives of a pension scheme.
This research work is divided into five chapters. Chapter one- which is the introduction consists of the background of the study statement of the problem, significant of the study purpose of the study, scope of the study. Limitation and definition of terms.
Chapter two talks about the literature review, which include the view of some authors on problem of pension fund in Nigeria.
Chapter three has to do with methods of data collection, techniques used and administration of the instruments.
Chapter four shows the analysis of data, which have broken down into questionnaire and interview analysis.
Chapter five, which is the last chapter indicates the summary, conclusion on the research and recommendation made by the researcher.
TABLE OF CONTENT
Title page ii
Approval page iii
Table of content viii
1.1 Background of the study 1
1.2 Statement of the problem 3
1.3 Significance of the study 4
1.4 Purpose of study 5
1.5 Research Questions 6
1.6 Formulation of Hypothesis of the study 6
1.7 Limitation of the study 7
Review of related literature 8
2.1 Principles of Pensions schemes Management 9
2.2 The new public service pension scheme in Nigeria
public parastatals 11
2.3 Need for pension scheme management 14
2.4 The problem and prospects in Nigeria pension
scheme management 16
2.5 Who are supposed to receive this pension? 17
Research design and methodology 20
3.1 Research design 20
3.2 Area of the study 21
3.3 Population of the study 21
3.4 Sample and sampling procedure 22
3.5 Instrument of data collection 24
3.6 Validation of the instruction 24
3.7 Reliability of the instruction 25
3.8 Method of data collection 25
Data presentation and analysis 27
4.1 Data presentation and analysis 27
4.2 Testing of Hypothesis 32
4.3 Summary of results 36
Discussion, Recommendation and conclusion 39
5.1 Discussion of result or findings 39
5.2 conclusion 40
5.3 Implications of the research finding 41
5.4 Recommendations 41
5.5 Suggestions for further research 43
1.1 BACKGROUND OF THE STUDY
In order to grow and prosper, organizations must continually maintain and adequate supply of human and material resources. The survival of any organization therefore depends on the caliber of personnel it attracts and retains.
Workers worldwide usually consider the future prospects in an organization before accepting job offers. Having served for a specified number of years, staff looks forward to receiving benefits on leaving services.
The type of benefits depends on the culture and economy of the nation. In Nigeria two broad groups exist, the public service and the organized private sector. The public service has statutory retirement benefits, but most private organizations have no provision for such benefits.
This benefit is otherwise known us pension. Pension is a monthly income payment on services rendered to an organization for a specified period of time. Pension scheme is also a periodic payment granted to an employee for past services rendered, based on contractual legal enforceable agreement, paid by an employer at the agree time of termination of appointment.
Therefore, pension scheme management is a plan toward the payment of pension to the respective people. This plan may include how to get money, and in which way the pension should be paid to the deserved candidate. The plan may also involve finding location where the pensions may come and find out when the money for the pension should be paid; the location will have a close contact with the ministry responsible for pension. The ministry and the pension scheme management office work hand in hand to promote the timely payment of pension. Another important plan is the choice of commercial bank in which the pension money should be paid into as soon as the federal government releases the said sum.
The pronouncement by the government increasing pensions for existing pensions and introducing benefits calculation based on total emoluments need applauding. The current maximum gratuity or pension of 300%/80% of final emoluments is a welcome relief.
However, experience shows that receiving the benefits may be a mirage. The usual exercise of lack of finds will make pensions continue to live in penury. This is highly disappointing, despite the statutory responsibility in the payment. The efforts of the government in the payment of retirement benefits of employees of Niger Cem Nkalagu, the Nigeria Railway corporation, the Nigeria Ports Authority and the Nigeria Coal corporation are commendable but unfortunately no adequate find was set aside to meet such benefit payment. The private sector employees on retirement face similar problems as the pension find are often diverted to other project with the resultant effect of mobility to pay benefits when due.
Pensions have a right to enjoy retirement life. We therefore have to call on the relevant government authorities, the organised private sectors, National consultative Association and Nigeria Labour congress to wake up to the plight of pensions.
1.2 STATEMENT OF PROBLEM
The government efforts in the payment of pensions and retirement benefit are commendable but unfortunately the pensioners in Enugu state are full of pathetic stories because of non payment of pensions and gratuities. There are a lot of complaints from them in the manner in which they are being paid and treated. Some of the pensioners are being owned form the upwards of 12 months arrears and the officials of government corporation concerned are compounding the problems by not finding a solution to this problem.
The researchers now want to identify why these pensions are neglected and treated in the way they are being treated.