PENSION ADMINISTRATION AND RETIREES WELFARE IN NIGERIA: A STUDY OF IMO STATE CIVIL SERVICE (2011 – 2022)
Keywords:Pension Administration, Retirees Welfare, Imo State Civil Service, Inadequate Policy, Pension Management, Employees’ Retirement Benefits, Corruption, Pension Scheme and Poor Pension Management.
This study has examined pension administration and retirees welfare in Nigeria using Imo State Civil Service (2011 – 2022) as the focal point. The study focused on identifying the challenges in contributory pension management. In line with that, three corresponding research questions and hypotheses were formulated and used. The study used structural functional theory as the framework of analysis. Furthermore, in the research method, survey research design was used and questionnaire/oral interview served as the primary instrument of data collection. The data collected were analyzed using mean statistics and Pearson product moment correlation coefficient. It was discovered that inadequate policy significantly affects pension management and employees’ retirement benefits, there is significant relationship between corruption and pension scheme and poor pension management affects employees’ retirement benefits. Based on the findings, it was recommended that there is need for the amendments of the pension policy to make it favourable for the employees; hence making the government to contribute money and the employees to contribute less. Also, there should be high level of transparency, accountability and probity in the pension management so as to identify and stop all forms of corrupt practices.