Download complete project materials on The Relevance Of Pension Scheme On Employees Productivity In Nigeria from chapter one to five
ABSTRACT
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This research was carried out on assessment of staff training and Development as tools for employee’s performance using Eco Bank Nigeria Plc, Ali-Akilu Branch as a Study. The research reviewed related literatures and opinion of some authors in the field of staff training and development using textbooks, journals, conference papers and internet among others.
The population of the study was 31 and all was used as sample size in view of the small population. The questionnaire was used as instrument for data collection. 31 questionnaires were administered and 25 were retrieved which form the basis for the analysis. Using simple percentage on four point likert scale the study analysed the data retrieved from the respondents and chi-square was used to test the hypothesis formulated.
Findings from the study revealed that training and development help the employees to know the expected job behaviour, level of performance and the quality of job performed. It also help to reduce labour turnover as it acquaint the employees with their superiors and subordinates.
The study thus recommends among others that management of organizations should implement induction and orientation courses for new employees when they are just employed and for old employees when substantial changes takes place in the organization.
TABLE OF CONTENTS
TITLE PAGE. i
DECLARATION.. ii
APPROVAL PAGE. iii
DEDICATION.. iv
ACKNOWLEDGEMENT. v
TABLE OF CONTENTS. vi
ABSTRACT. ix
CHAPTER ONE. 1
INTRODUCTION.. 1
1.1 Background of the Study. 1
1.2 Statement of the Problem.. 4
1.3 Objectives of the Study. 6
1.4 Statement of Hypotheses. 6
1.5 Significance of the Study. 6
1.6 Scope of the Study. 7
1.7 Limitations of the Study. 8
1.8 Definition of Terms.
CHAPTER TWO.. 10
LITERATURE REVIEW… 10
2.0 Introduction. 10
2.1 Concept of Pension Scheme. 10
2.3 Historical Background of Kaduna Polytechnic. 13
2.4 Goal of a Pension System (Reform) in Nigeria. 17
2.5 Historical Background of Pension Scheme in Nigeria. 18
2.6 Importance of Pension Scheme. 22
2.7 Benefits of Pension Scheme to Nigeria Employees. 25
2.8 Problems of Pension Administration in Nigeria. 26
2.9 Relevance of Pension Administration on Employees in Nigeria. 28
CHAPTER THREE. 30
METHODOLOGY.. 30
3.1 Research Design. 30
3.2 Area of the study. 30
3.3 Population of the Study. 31
3.4 Sample Size and Sampling Techniques. 31
3.5 Methods of Data Collection. 31
3.6 Justification of the Methods Used. 32
3.7 Methods of Data Analysis. 32
3.8 Justification for the Instrument Used. 34
CHAPTER FOUR.. 35
DATA PRESENTATION AND ANALYSIS. 35
4.1 Data Presentation and Interpretation. 35
4.2 Data Analysis. 37
4.3 Test of Hypothesis. 42
CHAPTER FIVE. 46
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS. 46
5.1 Summary of Findings. 46
5.2 Conclusion. 46
5.3 Recommendations. 47
REFERENCES. 48
APPENDIX I: Introduction Letter 49
APPENDIX II: Questionnaire. 50
APPENDIX III: Probability Table. 52
APPENDIX IV: Sample Size Table. 53
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Pension has been a common global discourse in the contemporary literature. The past decade has brought recognition of the centrality of pension systems to the economic stability of nations and the quality of life and longevity of their workers after retiring from active service (Holzmann and Hinz, 2005).
However, pension scheme ensures that a savings habit when imbibed by workers will lead to investment necessary for economic development, personal growth and self fulfilment which brings about confidence even when in service.
Moreover, the benefit provided by pension scheme like tax incentive for both employers and employees encourages savings among the employees (Adetola, 2006). Accordingly, he further posits that since pension scheme saving is long – term in nature, it is useful as a macro-economic tool for national development through the investment process, which in turn promotes economic growth.
A pension fund is any collective arrangement or scheme which has the objective of providing retirement benefits for working persons either in the form of regular income during retirement years or a lump sum at retirement.
Life after retirement is one of the dreaded periods of most workers in Nigeria. The fear of facing the future after retirement “creates an ambiance of disturb” among employee’s in most organizations and institutions across the country (Daily Trust- Editorial, 2009). Every organization/institution is made up of two broad categories of people, the employer and the employee.
The employee is meant to be engaged in the services of the organization/institution through the process of employment by the employer. The workers wellbeing and a guaranteed future after active service is of great concern to every worker (self- preservation instinct).As part of the social contract between the worker and the employer it is expected that the workers welfare should be taken care of, even after retirement by his/her employer for the services rendered and loyalty to the organization/institution during their active days in form of pension and gratuity (Amininiye and Asuquo, 2010).
Pension funds are usually established by the constitution with the declaration that the funds would be managed in accordance with the rules governing the fund. The reason why employers offer pension benefit is mainly to attract employees; meanwhile, employees rely on retirement benefits as a form of financial security during period of retirement. This has in turn increase the productivities of employees during their service year owing to the great future that await them after service.
Nigeria had operated a defined benefit pension scheme which was largely unfounded and noncontributory before the enactment of the Pension Reform Act of 2004, which establishes a contributory pension scheme for all employees in Nigeria. However, it must be noted that the earlier pension scheme led to massive accumulation of pension debts and lack adequate and timely budgetary provisions, as well as increase in salaries and pensions.
The administration of the scheme was very weak, inefficient, less transparent, leading to bureaucracy and highly liable to corrupt practices. Due to lack of reliable records of pensioners, huge amount of resources on what became yearly verification exercises were expended which did not result into the timely and efficient payment of pension benefit. This had a daunting effect on the productivity of the serving employees at a particular point in time (Kalu and Nicholas, 2015).
In the private sector, on one other hand, the employees were not covered by the pension schemes put in place by their employers and many of these schemes were not funded, where the schemes were funded, the management of the pension funds was full of malpractices between the fund managers and the trustees of the pension funds.
This bad scenario within the pension administration led the Nigerian government in the year 2004 to introduce a pension system they believed would be sustainable and has the capacity to achieve the ultimate goal of providing a stable, predictable and adequate source of retirement incomes for each worker in the country (Eme and Uche, 2014).
The Pension Reform Act of 2004 ushered in a Contributory Pension Scheme (CPS) that is fully funded, privately managed and based on individual accounts for both the public and private sector employees in Nigeria (PENCOM, 2005). The Act also established the National Pension Commission (PENCOM) as the sole regulator and supervisor of all pension matters in the country.
Under the new contributory system, the employees contribute a minimum of 7.5% of their basic salary, housing and transport allowances and 2.5% for the military while the employers shall contribute 7.5% in the case of the public sector and 12.5% in the case of the military.
This had helped in ensuring employees’ loyalty, responsiveness and motivates them to be dedicated to work due to the future benefits attached. This in has boost their productivity during their working years. Thus, this study was bored to carry out an investigation on the relevance of pension scheme on employees productivity using Kaduna Polytechnic as a study.
1.2 Statement of the Problem
The management of pension scheme in Nigeria is inundated by multiple and diverse problems. One key problem is the lack of adequate funding. Government Parastatals and institutions have not succeeded in setting aside the recommended 25% for pension scheme from the total emoluments of their employees for lack of funds.
The subventions and grants received fromgovernment are sometime inadequate to meet recurrent expenditure and overhead costs; talk less of having some reserve for pension liabilities.
Another dimension of the problem is the recent phenomenon whereby pension funds are released directly to underwriters. In most cases, the Boards of Trustees are not aware of the transactions that result in the amount so released.
This scenario has further complicated the problem, resulting in accumulated arrears of the pensioners. There is also the problem of documentation and filling in person offices, which resulted in the long delay of payment of the pension to the beneficiary.
Incompetent and inexperienced pension staff with no relevant training is another quandary facing the management of pension scheme in Nigeria. This further compounded by their poor human relations, lack of etiquette and simple courtesy befitting public offices.
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