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| Effect of Pension Scheme Reforms on Pensioners' Standard of Livings in Local Government Councils in Oke Ogun Axis |
FOLAYAN, Oluwadare David, OKEWOLE, Jacob Akintunde , BAMIDELE Mathew Mayor
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Abstract:
Pension funds had immensely contributed to the capital formations in Nigeria. These funds were used for investments (viable or unviable), the beneficiaries of the schemes were wallowing in the penury and their standards of livings become more deteriorated. In spite of various reforms introduced to the pension scheme the stories of pensioners remained the same. This study therefore examined the effect of pension reforms on pensioners' standards of livings in Local government councils within Oke Ogun axis, Oyo state, Nigeria. Survey designed was adopted using the primary data gathered through administration of questionnaires to one hundred and fifty pensioners selected from five local government councils within Oke Ogun using stratified sampling technique. Data were analyzed using multiple regression analysis. It was found that pension scheme reforms have significant and positive effect on pensioners' standards of living. Conclusively, pensioners were not adequately educated on the effect of the pension scheme reforms on their standards of living. It is therefore recommended that pensioners should be properly educated on various reforms relating pension scheme.
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