Post Retirement and Welfare Challenges in Nigeria: Issues and Prospects

Abstract

Alonge Opeyemi Mojisola

Today, pension management poses a major challenge to government, the active employees and retirees alike, in terms of contribution and payment.The totality of plans, procedures and legal process of separating fundsand administering the fund as and when due,to meet the demands of workers on retirementis what makesfor meaningful living of retirees. The fund separated and given to these categories of employees in lump sum is gratuity and the one given oninstallmentbasis is pension. The inability of organizations to fulfill this obligation to the employees that have usedtheir productive age to serve in various capacities have made life after retirement miserable and undesirable for the affected workers.This studyexaminedthe various factors responsible for poor administration of retirement benefit, thepension schemesand its challenges,and identifiedstrategies towards easing the challenges. The studyadopted secondary data. It discovered that; government had put in place several pension scheme overtime,employers and employees themselves have part to play atretirementso that employees can look forward to retirement with excitement.Itconcluded that strictgovernment regulations,retirement planning by both employer and employees will enhance post retirement welfare.It is recommended that governmentshould engage in aggressive orientation of citizens on the need forretirement planning, employers should giveemployeesearly notification on retirement date, followed by regular reminder. Employees should embrace savings and investment culture, and desist from lavish lifestyle.

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