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| The Floating Bridge: Praxis and Prospects of the Contributory Pension Scheme in Nigeria |
Prof. Emma E.O. Chukwuemeka, PhD, Okechu
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Abstract:
Nigeria with all its vast and acclaimed giant of Africa cannot afford to dehumanize her senior citizens any further. No doubt, it is to alleviate the sufferings and pains associated with pension collections and disbursements that informed the presidential decision and initiative to reform the Pension ACT so as to fashion out a veritable and less cumbersome manner of dispensing pension benefits without any more pains. The erratic payment of pension benefits to retirees provokes this research. Random sampling technique was used. Focus group discussion, questionnaire and face- to- face interview were the major tools used for data collection. Randomly selected employees from Federal Ministries and Institutions were interviewed. Focus group discussion was essentially used to elicit information from retirees who are facing difficulties in collecting their retirement benefits. Statistical tools such as correlation coefficient was used in data analysis and test of hypotheses. The correlation coefficient test revealed high correlation between lopsidedness in pension fund remittance to Retirement Saving Account (RSA). It was also revealed that Government has not worked out the modalities on the separation from the erstwhile old pension scheme from the new one resulting in employee job dissatisfaction. In line with the findings, recommendations were proffered. Essentially, we recommended that Nigerian Government should put in place efficient financial control system in pension fund management to ensure that pension fund is prudently managed. Also, Government should ensure that employees’ and employers’ contributions are remitted to Pension Savings Account ( PSA) account promptly.
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