EFFECT OF THE NEW PENSION SCHEME ON SUSTAINABLE WELFARE AND POST-SERVICE LIFE IMPROVEMENT OF RETIREES IN LAGOS
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E fficient and effective public and private sector organizations arc expected to see to the maximum well-being of
their employees. That is, in and post service and especially for employees that have contributed meaningfully
to the achievement of the organizational goals. Part of such management responsibility is payment of post
service compensation or pension which provides the employees the security and right that gives guaranteed income
on retirement or to dependants on death. The study attempts" comparative analysis of the old and new pension
scheme in Nigeria and the extent to which the new scheme has significantly influenced the welfare and life
improvement of the retirees in Lagos the commercial hub of Nigeria. The study adopts the survey research design.
Two hypotheses are tested using chi-square (X2) test at 0.05level of significance. Major findings show that a lot of
defects exist in the old scheme and that the administration and collection of pensions by prisoners have been very
poor. There is a significant relationship between the operation of the new pension scheme and the welfare of
pensionners(X2 Cal= 33.27, X2 Tab= 12.59), and their life improvement after service (X2 Cal 27.97. X2 Tab 12.59). In
conclusion, it is recommended that much attention be given to public education and enlightenment of all stakeholders
for them to be conversant with the administration of the new scheme and proper measures put in place to
guarantee safety of the funds. These should include sustained capacity of building of officials and investment strategies.
The new scheme should be shielded from the effect of aspects of the highly corrupt and unethical public governance
and economic management systems in Nigeria and encumbered in strong strategic plan, long-term economic
development, sustainable welfare of retirees and inclusive strategy.
Keywords
HG Finance, HV Social pathology. Social and public welfare