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EFFECT OF THE NEW PENSION SCHEME ON SUSTAINABLE WELFARE AND POST-SERVICE LIFE IMPROVEMENT OF RETIREES IN LAGOS

Awe, Kayode Obafemi and Tugbobo, Bola (2013) EFFECT OF THE NEW PENSION SCHEME ON SUSTAINABLE WELFARE AND POST-SERVICE LIFE IMPROVEMENT OF RETIREES IN LAGOS. International Journal of Advanced Research in Public Policy, Administration and Development Strategies, 1 (1). ISSN 2315-8395

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Abstract

E fficient and effective public and private sector organizations arc expected to see to the maximum well-being of their employees. That is, in and post service and especially for employees that have contributed meaningfully to the achievement of the organizational goals. Part of such management responsibility is payment of post service compensation or pension which provides the employees the security and right that gives guaranteed income on retirement or to dependants on death. The study attempts" comparative analysis of the old and new pension scheme in Nigeria and the extent to which the new scheme has significantly influenced the welfare and life improvement of the retirees in Lagos the commercial hub of Nigeria. The study adopts the survey research design. Two hypotheses are tested using chi-square (X2) test at 0.05level of significance. Major findings show that a lot of defects exist in the old scheme and that the administration and collection of pensions by prisoners have been very poor. There is a significant relationship between the operation of the new pension scheme and the welfare of pensionners(X2 Cal= 33.27, X2 Tab= 12.59), and their life improvement after service (X2 Cal 27.97. X2 Tab 12.59). In conclusion, it is recommended that much attention be given to public education and enlightenment of all stakeholders for them to be conversant with the administration of the new scheme and proper measures put in place to guarantee safety of the funds. These should include sustained capacity of building of officials and investment strategies. The new scheme should be shielded from the effect of aspects of the highly corrupt and unethical public governance and economic management systems in Nigeria and encumbered in strong strategic plan, long-term economic development, sustainable welfare of retirees and inclusive strategy.

Item Type: Article
Uncontrolled Keywords: Pension scheme, sustainable welfare, life improvement, retirees
Subjects: H Social Sciences > HG Finance
H Social Sciences > HV Social pathology. Social and public welfare
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 16 Apr 2018 15:08
Last Modified: 16 Apr 2018 15:08
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/10607

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