Download This PaperContributory Pension Scheme and Management of Retirement Benefits in the University of Nigeria, Nsukka: An Ethical Appraisal
American Based Research Journal, Vol. 7 Issue 03, March 2018
8 Pages Posted: 11 May 2020
Date Written: March 01, 2018
Abstract
Conventionally, the upsurge in the level of impoverishment experienced by retirees in the recent decades in both public and private sectors in mostly fused cum prismatic societies has exacerbated following the reluctant abdication of duties and obligatory roles bequeathed to the state via the social contract. Recently, in many developing societies, the state has ethically failed to provide the needed social safety nets for her citizens to enjoy even against those working to see that the day to day affairs of the state are systematically carried out. However, it is at this juncture that the paper consciously set to ethically investigates and at the same time interrogates the voluntary pension contribution and welfare of Retirees and ways of improving the retirement benefits of retirees using University of Nigeria, Nsukka as case study. Data were collected from the University of Nigeria Bursary Department, Pension Fund Administrators and Pension Commission (PENCOM). The paper utilized qualitative method in generating data and it was anchored on Marxian instrumentalist theory to explicate that the New contributory pension scheme is a product designed through the doctrine and practices of Neo-liberal policy, which helps the state through its agency to abdicate its fundamental roles. The findings revealed that there is a marked departure in the retirement benefits of retirees in the old and new pension schemes, with the retirees in the new contributory scheme receiving lower benefits than before. However, the study recommends the right to gratuity and pension for life for public servants and a comprehensive accounting standard for retirement benefits be seriously put in place to protect the pension funds.
Keywords: Contributory Pension, Defined Benefits Scheme, Pension System, Pension Retirement Benefits, University of Nigeria
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