SOURCE:

Faculty: Management Sciences
Department: Public Administration

CONTRIBUTORS:

Okoye, J. N.
Ofuebe, C.

ABSTRACT:

Nigerian Government often claims to be using pension system in catering for the welfare of retirees in the civil service. To investigate the claim, this study attempts to ascertain the nature of relationship between the management of pension scheme and the welfare of retirees in Anambra state (2004-2014). Four research questions and four hypotheses were formulated to guide the study. The researcher adopted survey research design. Taro Yamane formula was used to determine the sample size of 386 retirees from 10,886 retirees in the State Pension Management Board of Anambra State. The study used Activity Theory as its theoretical frame work. And a questionnaire titled ‘’pension scheme management and retirees’ welfare in Anambra state (2004-2014)’’ was employed as the instrument for data collection). Test- retest method of testing reliability was employed and Spearman’s Correlation Coefficient was used to establish the reliability coefficient values of the item statements in the questionnaire. The research questions were answered using statistically weighted mean and simple regression analysis while Pearson Product Moment Correlation Coefficient was used to test the hypotheses. The findings of the study revealed that delays in payment of pension benefits affect adversely retirees’ provision of basic house-hold needs, non-regular increase in pensions affect adversely retirees’ payment of health/hospital bills, pre-retirement workshops on planning for retirement affect retirees’ socio-psychological needs, and verification of pensioners affect adversely retirees’ health conditions. We recommended among other things, that pension scheme management should engage more staff in processing the retirement benefits to avoid delays in payment of pension benefits, pensions should be increased alongside with increase in salaries of workers to cushion the effects of inflation, pre-retirement workshops on planning for retirement should be frequently organized for prospective retirees to enable them adjust to life in retirement and live a quality and happy life, conducive and comfortable environment should be provided for retirees at the verification centre, while the verification of very sick retirees should be in their houses, in order not to stress them and worsen their health conditions.