ASSESSMENT OF THE EFFECT OF 2014 CONTRIBUTORY PENSION SCHEME ON PENSIONERS' WELFARE IN ABUJA MUNICIPAL AREA COUNCIL, FEDERAL CAPITAL TERRITORY - ABUJA, NIGERIA (2014 - 2019)
ASSESSMENT OF THE EFFECT OF 2014 CONTRIBUTORY PENSION SCHEME ON PENSIONERS' WELFARE IN ABUJA MUNICIPAL AREA COUNCIL, FEDERAL CAPITAL TERRITORY - ABUJA, NIGERIA (2014 - 2019)
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Date
2020-10
Authors
MUSA, Idris OLUCHUKWU, Sakinah Aziagba
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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).
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Department of Public Administration Faculty of Administration Ahmadu Bello University, Zaria