PROJECT TOPIC : A STUDY ON THE EFFECTS OF RETIREMENT ON THE SOCIO ECONOMIC LIFE OF RETIRED CIVIL SERVANTS IN NIGERIA
CHAPTERS: Chapter 1 – 5
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Keywords:A STUDY ON THE EFFECTS OF RETIREMENT ON THE SOCIO ECONOMIC LIFE OF RETIRED CIVIL SERVANTS IN NIGERIA
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 SCOPE OF THE STUDY
1.7 RESEARCH METHODOLOGY
1.8 LIMITATION OF THE STUDY
1.9 DEFINITION OF TERMS
2.0 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
5.2 CONCLUSION AND RECOMMENDATION
5.4 SUGGESTION FOR FURTHER STUDIES
1.1 Background of the Study
The compulsory retirement age for civil servants in Nigeria is 60 years or 35 years of unbroken active service, whichever comes first. Judges of high courts and professors in tertiary institutions in the country are not exactly on the same policy. The retirement age for professors and judges is 70 years. Age is said to connote expertise and wealth of experience in these sectors, hence, the extended working years for these employees (Garba & Mamman, 2014). This is closely related to what is obtainable in some other African countries like Ghana, Botswana, and Cameroon (“A Brief History”, 2013). The compulsory retirement age in Ghana is 60 years with at least 15 years of service to be pensionable. However, people working under stringent conditions -like miners and steel employees, could retire at age 55 and still collect their full entitlements (IOPS Country Profile, 2011). The most recent Public Service Act in Botswana is that of 2008, which became fully operational on the 1st of May, 2010. It stipulates that the mandatory retirement age is 60 years while teachers are allowed to retire at age 65 (Directorate of Public Service Management, 2010). The retirement age in Cameroon is also 60 years (Shuh, 2016). When workers get tothis age, it is generally believed that productivity drops for all individuals (Fapohunda, 2013; Komolafe, 2005). Whichever form retirement takes within these nations’ statutory requirement, the retiree is entitled to benefits, such as gratuity and pension, as rewards for the years put into serving the nation and for the purpose of meeting their financial needs at old age (Garba & Mamman, 2014). Having served their nations for decades, the stage seems set for retirees to take the weight off their shoulders and relax for the remaining part of their lives. However, retirement is a phase of life that is characterised by several changes in age, health, strength, income, social status, living condition, and at times, living environment. These and other critical issues that need to be decided upon are of concern to people nearing old age in most parts of the world (Ali, 2014; Quadagno, 2005). This new phase, therefore, requires individual retirees to have sufficient sources of sustenance, since work that generates stable income has ended. Typically, this phase calls for adjustments that are crucial to living a happy and fulfilling post-retirement life on the part of the individual retiree. 2 However, unlike workers inwestern nationswho eagerly anticipate their retirement from paid employment, the average Nigerian civil servant looks forward to retirement with fear and a sense of uncertainty (Ali, 2014). While workers in western nations such as the United States have access to three sources of income after quitting active service (Moody & Sasser, 2012), retired civil servants in Nigeria have to struggle and suffer significantly before they could collect their meagre benefits. Corruption and the depth of embezzlement of pensioners’ gratuities and monthly pension benefits in the past three decades are outrageous. This corrupt practice is heightened by the improper management of pension funds by the Pension Boards, poor record keeping, lack of proper supervision of the pension managers, and the misappropriation of pension funds by successive governments (Fapohunda, 2013). As a consequence, most of the States in Nigeria find it difficult to pay the severance benefits to retired civil servants years after retirement. Pensions are not paid as and when due, at times for several months. The scenario leaves many retired civil servants in abject poverty, frustration, depression, and ill-health that sometimes lead to the death of some of these people as they await their entitlements (Olatunde & Onyinye, 2013).
Furthermore, several employers of labour in Nigeria are defaulting under the present contributory pension scheme, according to Popoola (2016). Many of them are found wanting in the remittance of both the 8% deductions from employees’ monthly salaries and their contribution of 10%as part of the new arrangement. The Federal government, as an employer of labor, is not left out of this scenario (Popoola, 2016). Many employers, including the Federal Government of Nigeria, are yet to comply with the 18% total deduction as stipulated by the 2014 Reformed Pension Act, as at the beginning of the year2016. This seems to stand as a risk in waiting for retirees and intending retirees, both at the public and private sectors. What the experiences are of retired civil servants in the light of this development?
1.2 Statement of the Problem
The retirement time kills more than hard work period ever does. Life style of retirees changes relatively with income. The small income the retirees get from their pensions are affected by the economic change and cost of living due to economic problems that bring unexpected prevailing prices of goods and services. As income from employment comes to the end the retirees face new experience of life difficulty resulting into failure to meet normal life requirements as active employee (Oburu, 2011). Retirement benefits are funds paid as benefits to a retiree after the end of his employment contract. Retiree benefits include old age, sickness, disability (invalidity), survivors, maternity, employment injury, unemployment, health care and subsidies for families with children (ILO convention No 102, 1952). Social security systems have been under challenges and that the labor organization systems are too expensive that they harm the process of socio economic development of employees (ILO 89th session, 2001). Retirement benefits are basic fundamental human right for employees; over 80% of the world’s population has no access to social security protection. These encounters to poor lifestyle in the future since the income of the majority is low and it is hard for them to plan for other income generating projects of business and investment (Muhimbi, 2012).
1.3 Objective of this Study
The main objective of this study is to find out the effects of retirement on the socio economic lifestyle of retired civil servant; specifically the study intends to:
- Find out the effects of retirement on the lifestyle of retired civil servant
- investigate the impact of retirement on the social status of retired civil servants
- identify the factors that promote a fulfilling life after retirement;
- investigate how the retired civil servants are adjusting to post-retirement life;
1.4 Research Questions
- What is effects of retirement on the lifestyle of retired civil servant
- What are impact of retirement on the social status of retired civil servants
- What are the factors that promote a fulfilling life after retirement;
- How does the retired civil servants are adjusting to post-retirement life;
1.5 Significance of the Study
The study is significant in that it brings to the fore the more personal and consequently, less discussed aspect of retirement experiences in Nigeria: the transition experience of retirees. It investigates what retirees actually do in order to overcome the fears, stress and frustrations that studies have shown to be inherent in the Nigerian retirement experience. It focuses on the definite steps taken by retirees in their attempt at blending themselves into their retired status. In the same vein, the study could impact retirement counsellors and the Guidance and Counselling departments of higher institutions in the country. It could also enrich their efforts at equipping and training retirement and old age counsellors. The study could be of benefit to civil servants in Nigeria; it could inform them on the avoidable pitfalls of their predecessors. Besides, the knowledge from the study could trigger a more innovative, careful, and prudent lifestyle in civil servants while in service, in preparation for their post-retirement years. Furthermore, newly employed individuals both in the public and private sectors could garner information from the findings of the study on the actual mechanisms of the current Nigerian pension scheme. This could help them begin planning for retirement and old age early in their working years.
1.6 Scope of the Study
The study examines the socio-economic adjustment of civil service retirees in the transitional phase between service and retirement in Lagos States. The choice of Lagos State was because the researcher was opportune to observe a consistent trend in the administration of retired civil servants in the State. The particular trend observed was the screening exercises of retired civil servants. Lagos State was chosen because it operates the contributory pension scheme. Also, while Lagos is basically an agrarian and civil service State, Lagos is highly cosmopolitan in terms of commercial and administrative activities. Similarly, Lagos State is more heterogeneous, which is a relatively homogeneous state in terms of the residents’ ethnic, religious, career and other social affiliations. The curiosity to identify any similarity and difference in retirement experiences in the States led to the choice of both states.
1.8 Limitation of the Study
The challenge of finance for the general research work will be a challenge during the course of study. 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: the action or fact of leaving one’s job and ceasing to work.
Socio Economic: elating to or concerned with the interaction of social and economic factors.
Civil servant: a member of the civil service.
Keywords:A STUDY ON THE EFFECTS OF RETIREMENT ON THE SOCIO ECONOMIC LIFE OF RETIRED CIVIL SERVANTS IN NIGERIA