ASSESSMENT OF THE EFFECT OF 2014 CONTRIBUTORY PENSION SCHEME ON PENSIONERS' WELFARE IN ABUJA MUNICIPAL AREA COUNCIL, FEDERAL CAPITAL TERRITORY -ABU JA, NIGERIA (2014 - 2019)
ASSESSMENT OF THE EFFECT OF 2014 CONTRIBUTORY PENSION SCHEME ON PENSIONERS' WELFARE IN ABUJA MUNICIPAL AREA COUNCIL, FEDERAL CAPITAL TERRITORY -ABU JA, NIGERIA (2014 - 2019)
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Date
2020-10
Authors
IDRIS, Musa AZIAGBA, Shekinah Oluchukwu
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Abstract
The Nigerian pension administration have from its inception been bedevilled with irregularities and
untimely payment of retirement benefits coupled with poor retiree's welfare. In response to the myriad of
problems and in line with its fundamental objective of ensuring the security and welfare of the people, the
government took measures aimed at developing a system that would be more sustainable and have the
capacity of providing a stable, predictable and adequate source of retirement income for all its
participants in 2004 and later amended as the Pension Act of 2014. Despite these efforts, the living
condition of pensioners has not improved due to untimely payment of retirement benefits. The study,
therefore, examined the effect of 2014 Contributory Pension Scheme on pensioners' welfare in AMAC.
Agency theory was used to underpin the work. The study employed the descriptive survey design and
data was collected through a structured questionnaire administered to a sample of 50 respondents in
AMAC, of which 48 were correctly filled and returned. Simple linear regression analysis was used to test
the hypothesis. The results revealed that there is a significant positive relationship between timely
payment of retirement benefits and pensioner's welfare in AMAC. Based on the findings, the study
recommended that apart from adequate sensitization of retirees to keep them abreast with the modalities
of the scheme, they should be encouraged to make additional voluntary contributions into their
Retirement Savings Account (RSA),
Description
Department of Public Administration *
Faculty of Administration
Ahmadu Bello University, Zaria