The Contributory Pension Scheme and Pensioners Satisfaction in Nigeria (original) (raw)

of the failure of previous schemes to address the pension needs of Nigerians and to evolve a scheme that would carter for both the public and private sector employees. The primary objective of the pension scheme is to provide uniform guidelines for administration and prompt payment of benefit to retirees for a better standard of living.(Ime & Mfon, 2014). This gives credence to the maxim that a labourer deserves his wages or that having served for years, they deserve to retire with a good retirement package (Lekaga, 2020). Despite the desired results, huge gaps still exist in the pension administration, this led to the need for Pension Reform Act 2014. The "act repeals the Pension Reform Act No 2 of 2004, and enables the Pension Reform Act 2014 to continue to govern and regulate the administration of the uniform contributory pension scheme for both the public and private sectors in Nigeria (Omegoh, Gyang & Lateef, 2022). Otaigbe (2015) put that the Contributory Pension Scheme (CPS) has created opportunities ranging from the individual Retirement Savings Account (RSA), which stimulates fund accumulation to accumulation of long-term funds which has contributed to the growth in the capital market. The CPS is designed to be co-funded by the employers and employees and privately managed, the objective is to ensure that every deserving pensioner who worked in either the public service or private sector receives his pension as and when due. (Otaigbe, O.A.,2015).

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