The Role Of Contributory Pension Scheme In The Economic Development Of Nigeria

The Role Of Contributory Pension Scheme In The Economic Development Of Nigeria

Abstract

In this exploration work named the part of contributory pension scheme in the profitable development of Nigeria. The experimenter examined the impact of contributory pension scheme in the profitable growth of Nigeria. estimated the donation of the scheme to the weal of pensioners in Nigeria. The information for the study was collected using primary and secondary styles of data collection. For a primary data collection, while being literature applicable to the content was consulted for the secondary data. The exploration used ki-square statistical model to dissect the data. The experimenter set up out that Contributory pension scheme has significant impact on the profitable growth of Nigeria. Contributory pension scheme contributes to the weal of pensioners in Nigeria. Grounded on the findings the experimenter recommend that Government and the National Pension Commission must insure effective monitoring, supervision and enforcement of the vittles of the Pension Reform Act, 2004 that introduced the new contributory pension scheme in Nigeria. enterprises and other associations must insure effective perpetration, compliance and operation of the rudiments of the new contributory pension scheme that will enhance hand withdrawal benefits.

TABLE OF CONTENTS

Title runner ii

blessing runner iii

fidelity iv

Acknowledgement v

Abstract vi

Table of Contents vii

CHAPTER ONE

preface

Background of the Study 1

Statement of the Problem 3

ideal of the Study 4

exploration Question 4

exploration thesis 5

Significance of the Study 6

compass and Limitations of the Study 8

description of functional Terms 10

References 12

CHAPTER TWO

REVIEW OF RELATED LITERATURES

An Overview 13

literal Development of Contributory Pension Scheme in Nigeria 14

The development of Pension administration in Nigeria 18

An Assessment of the Impact of Contributory Pension Scheme to Nigerian Economic Development 20

The part of Contributory Pension Scheme in Nigeria 28

The Regulatory Bodies and their part in Contributory pension scheme 29

Evaluation of the operation of the Contributory Pension Scheme On Employee Retirement Benefits in Nigeria 37

The Problems of Contributory Pension Scheme 42

rudiments of the New Contributory Pension Scheme 45

References 47

CHAPTER THREE

exploration METHODOLOGY AND DESIGN

An Overview 50

Source of Data 50

Primary data 51

Secondary data 51

Population of the Study 52

Sample size and slice ways 53

Instrument used in determining the sample size 55

CHAPTER FOUR

Data Presentation Analysis, Discussion Of Chancing

An overview 57

Data donation 58

Data Analysis 60

Testing of thesis 70

Discussion of Findings 77

Chapter Five

Summary Of Findings, Conclusion And Recommendations.

Summary of Findings 79

Conclusions 80

Recommendations 81

Suggestions for farther Studies 83

Bibliography 84

Supplements 87

Sample Questionnaire 88

Chapter One

Background of the Study

Nigeria being a former colony of Britain, it’s been argued, entered a pension tradition into her public sector that’s entirely modeled after the British structure. Nigeria pension’s scheme had started in 1951 when the also social British administration established a scheme through an instrument called Pension Ordinance. It, still, had a retroactive effective from 1946 and applied only to Unattached Kingdom officers posted to Nigeria. The law allowed the Governor General to grant pensions and gratuities in agreement with the regulations, which were reviewed from time to time with the blessing of the Secretary of State for Colonial Affairs in the United Kingdom government. Vesting period was fixed at 10 times of service. The total of the Ordinance Acts and Decree is limited up in the DecreeNo. 102 of 1979, which took effect from April 1, 1974. It consolidated all enactments on pensions and in commercial pension and gratuities seals cooked for public officers by the Udoji Public Service Review Brevity in 1974. In the same way, Pension ActNo. 103 of 1979 like its counterpart Decree No.

102, of 1979, on the other hand, dealt with pension benefits, arrears and seals cooked for the agreed forces.

The main features of these pension schemes include that civil retainers bore no direct responsibility, by way of payroll duty, for the provision of pension; rather pension benefits were paid through popular allocations to be kept in the Consolidated Revenue Fund. therefore, in utmost cases, the quantum released generally fell suddenly of the factual appropriation for pension payment.

Statement of problem

The following problems led to the conformation of this exploration work;

1. former studies has shown that due to poor operation and dubious characters of numerous Nigerians, contributory pension scheme has not impacted significantly to the profitable growth of Nigeria.

2. In the once decades, contributory pension scheme in Nigeria has not been taking care of the weal of the pensioners.

3. Poor operation of Nigerian pension scheme hampers the relationship between contributory pension scheme and the development of Nigerian pension scheme.

Ideal Of The Study

The end of this design work is to examine the part of contributory pension scheme in the profitable development of Nigeria. The general objects of this exploration work includes the following;

1. To examine the impact of contributory pension scheme in the profitable growth of Nigeria.

2. To estimate the donation of the scheme( contributory pension scheme) to the weal of pensioners in Nigeria.

3. To examine the relationship between contributory pension scheme and the development of Nigerian pension scheme.

Exploration Questions

1. What are the impacts of contributory pension scheme in the profitable growth of Nigeria?

2. To what extent do contributory pension scheme contribute to the weal of pensioners in Nigeria.

3. What are the connections between contributory pension scheme and the development of Nigerian pension scheme?

Exploration Hypotheses

Ho Contributory pension scheme don’t have any impact on the profitable growth of Nigeria.

H1 Contributory pension scheme has significant impact on the profitable growth of Nigeria.

Ho Contributory pension scheme don’t contribute to the weal of pensioners in Nigeria.

Ho Contributory pension scheme contributes to the weal of pensioners in Nigeria.

Ho There’s no relationship between contributory pension scheme and the development of Nigerian pension scheme.

H1 There’s significant relationship between contributory pension scheme and the development of Nigerian pension scheme.

Significance of the Study

This exploration work will be of immense help to the experimenter

To know more on the part of contributory pension scheme in the profitable development of Nigeria.

It’ll also be of great help to the stake holders as it’ll enrich their knowledge on the part of contributory pension scheme in the country.

The study will be of great important to pensioners in Nigerian as it enlighten them on the part of donation pension scheme on their weal.

This will inversely help the insurance companies and fiscal institutions in Nigeria because when they abide by recommendations handed by the experimenter it’ll help also in time of fiscal extremity.

This study will be of a great significance to the country Nigeria as it’ll help the policy makers to enunciate laws that will guide the conditioning of Nigerian contributory pension scheme for the growth and development of the country.