This study, AN ASSESSMENT OF RETIREMENT BENEFITS ADMINISTRATION IN LAGOS STATE contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.
TABLE OF CONTENT
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVES OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 SIGNIFICANCE OF THE STUDY
1.6 RESEARCH HYPOTHESES
1.7 SCOPE OF THE STUDY
1.8 LIMITATION OF THE STUDY
1.9 DEFINITION OF TERMS
2.0 LITERATURE REVIEW
2.1 CONCEPTUAL CLARIFICATION
2.2 THEORETICAL FRAMEWORK
2.3 EMPIRICAL REVIEW
2.4 SUMMARY OF LITERATURE REVIEW
3.0 RESEARCH METHODOLOGY
3.2 RESESEARCH DESIGN
3.3 STUDY POPULATION
3.4 SAMPLE AND SAMPLING TECHNIQUE
3.5 DATA FOR THE STUDY: INSTRUMENTATION
3.6 METHOD OF DATA ANALYSIS
4.0 DATA PRESENTPRESENTATATION AND ANALYSIS
4.2 DATA ANALYSIS
5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 SUMMARY OF FINDINGS
Retirement is a phase of life that every employee must reach whether prepared for or not. It is the point in time when an employee chooses to leave his or her employment permanently (which could be voluntary or involuntary), and generally coincides with the employee’s eligibility to collect retirement resources ranging from social security to company pensions, etc. It is an inevitable stage in someone’s life be it in the private or public service, it is a period in time whereby one’s effort in an organization and role as a paid worker ceases, (Agoro, 2009; Ahmed, 2007; Bassey & Asinya, 2008).
This can be as a result of ill health, age or statutorily completing the number of years. With the reform of the civil service decree No. 43 of 1988, retirement age has been put at 60 years or 35 years in service. Whichever comes first, there arises the need to carefully and adequately manage these categories of workers who had given most of their life, time and efforts to the actualization of organizational growth and its development. Thus, it presents a worse situation when the retiree is not adequately prepared to face this ultimate phase of life. This among others have necessitated the need for a pension administration in order to cater for future responsibilities of these categories of workers and to enable them have a similar and reasonable standard of living prior to what obtains while they were in active service (Adeniji, Akinnusi, Falola and Ohunakin, 2017).
In most developing countries with Nigeria particularly, government restrict working age of public civil servants to prevent an ageing labour force and allowing entrants of young able-bodied labour for increasing efficiency and productivity, (Federal Republic of Nigeria Official Gazette, 2004). This is important because as an employee becomes older, his Marginal Physical Productivity of Labour (MPPL) will decline, thus retaining such an employee in the service of the organization will lead to running an organization at a loss. Hence, why the statutory working age in the public service is fixed at sixty (60) years or thirty-five (35) years of unbroken active working service before retirement, but the Retirement Age Harmonization Act of 2012 stamps the retirement age of judicial officers and academic staff of tertiary institutions at 70 and 65years respectively because of the belief that “the older, the wiser” (Maji, 2014).
During retirement, a retiree public officer usually receives certain benefits in the form of gratuity and pension. Gratuity is the sum total lump paid to a worker on existing from the service either through withdrawal or retirement, while pension is the sum of annuity paid periodically, usually monthly to a public servant who disengages from service after attaining a specified age limit usually 60 years or 35 years of active service, (Ezeani, 2001; Ebosele, 2001). In other words, gratuity and pension are post-employment benefits. These benefits are designed to prevent a sudden sharp drop in the financial capacity and living standard of the worker as would happen with the stoppage of his monthly salary and allowances after disengagement. The lump sum or gratuity he is paid is meant to enable the retiree finance any post-retirement endeavour of his choice while the pension replaces the monthly salary the retiree gets while he was still in active serve, (Babasola, 2000).
In this way, the retiree having spent a substantial part of his productive life working to earn a living, can in his old age (that is, at retirement) sustain and maintain a standard of living comparable to what he was used to while in active service. It is based on this that most progressive government enact laws to back up their policies on employment, retirement and pension in both the public and private sectors of the economy. To Casey (2011) and Taiwo (2014), pensions as a form of social security against old-age poverty and other uncertainties have attracted great interest virtually everywhere in the world, both in developed, developing and under-developed countries. Pension programmes, especially those that are publicly financed and administered, have become an issue of concern to economists, policymakers and the general public. This is not only because such programmes are central to the well-being of pensioners and the elderly, but also because the majority of pension programmes are not actuarially balanced (that is they are not financially stable) and as such, they are run at deficits, thus making the present values of their future liabilities to be enormous. In some countries, especially those that are economically advanced, pensions are usually extended to other categories of people apart from retirees, such as widows, orphans, disabled people (in the form of disability pensions), and the elderly or the aged.
1.2 STATEMENT OF THE PROBLEM
The problems of retirement policy in Nigeria are divided into two: internal and external. External are those emanating from the management such as pension fund administration and employer (public and private sector) while internal are those in the domain of pensioner In the first instance, some scholars have criticized the issues of investment of the pension funds in the stock market owing to loss recorded as a result of crash in the capital market. From the position of Prof. Oluwafemi Balogun, the Vice-chancellor of University of Agriculture, Abeokuta as reported by Oni (2009), it was suicidal to invest 60% of pension funds in capital market in view of the financial loss in the stock market. Another contentious issue concerning pension fund is fraud. Sonoyi (2009) reported an investigated by the Independent Corrupt Practice Commission (ICPC) in to 90 billion naira fraud as it concerns the pension of the ministry of health in September 2008. In relation to this, employers manipulate contributions of their employees by defaulting in payment. According to (Amujiri, 2009) poor administrations inadequate delivery structures for payments and lack of a database of pensioners have resulted in delayed payments of benefits and consequent near destitution of 5 pensioners adverse publicity in the media and portrayal of society and government as uncaring to the plight of its senior citizen. Such inherent problems of the old pension scheme in the country have encouraged corruption in the active work force. In fact, in Nigeria today, retirement that is supposed to be a glorious exit from active service is now seen as a curse. Workers are no longer happy to retire because there benefits are not paid. Consequently, many workers prefer to die in office than to retire without being sure of their future.
1.3 RESEARCH QUESTION
1.4 AIMS AND OBJECTIVE OF STUDY
The aim of this studies is to critically study the retirement benefits administration in Lagos state. The objectives are:
1.6 SCOPE OF THE STUDY
The idea of the research work is on the assessment of retirement benefits administration in Lagos state.
This project covers a range of subject peculiar to the administration of retirement benefits in Lagos state. It covers the historical evolution of retirement and pension administration. It also covers the procedural problems in the administration of pension and pension reforms in the state and the nation at large. These are the aspects to be covered in this project.
1.7 SIGNIFICANCE OF THE STUDY
This work shall be of great benefit to the citizens and the Lagos state government as well. It shall as well enlighten government agents like the Federal Inland Revenue Service so as to be able to plan towards an effective retirement administration for its eligible civil servants. This project is set to examine the problems in the administration of retirement benefits in Nigeria at large. It focuses on the problems and prospects of our retirement benefit system. Other researchers will find the work useful as it is a base for future research work.
Finally it will also contribute positively to the field of knowledge, especially the field which this research is directed.
1.8 LIMITATION OF THE STUDY
The issue of finance for the general research work will be a challenge during the course of study. Correspondents also might not be able to complete or willing to submit the questionnaires given to them.
However, it is believed that these constraints will be worked on by making the best use of the available materials and spending more than the necessary time in the research work. Therefore, it is strongly believed that despite these constraint, its effect on this research report will be minimal, thus, making the objective and significance of the study achievable.
1.9 DEFINITION OF TERMS
Retirement: is the withdrawal from one’s position or occupation or from one’s active working life
Administration: is the range of activities connected with organizing and supervising the way that an organization or institution functions.
Retirement benefits: these are benefits payable to the member of the pension scheme on retirement or earlier withdrawal from service, including retirement pensions; retirement lump sums or gratuities; benefits (such as dependants’ pensions) payable following the member’s death in retirement and periodic increases on all pensions whilst in payment.
Pension: is a fund into which a sum of money is added during an employee’s employment years, and from which payments are drawn to support the person’s retirement from work in the form of periodic payments.
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