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" Critical Evaluation of Nigeria's Pension Reform Act of 2004: Focus on the Contributory Pension Scheme (CPS) "
Ihejirka, Charles Chinedu
Raisi, Alireza
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Latin Dissertation
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| Language of Document
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English
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| Record Number
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1054509
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| Doc. No
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TL53626
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| Main Entry
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Ihejirka, Charles Chinedu
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| Title & Author
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Critical Evaluation of Nigeria's Pension Reform Act of 2004: Focus on the Contributory Pension Scheme (CPS)\ Ihejirka, Charles ChineduRaisi, Alireza
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| College
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Northeastern University
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| Date
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2020
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| Degree
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D.L.P.
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2020
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| Note
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123 p.
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| Abstract
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This research study of the critical evaluation of Nigeria’s Pension Reform Act (PRA) of 2004 tends to explore how the introduction of the contributory pension system (CPS) has helped to mitigate the problems of pension funds in Nigeria. Several kinds of literature reviewed have attempted to evaluate the Nigerian PRA of 2004, in a quest for an answer on the implementation of CPS. Still, specific questions remain unanswered. The problem researched in this study is that there seems to be a gap in the literature on how the contribution pension system CPS has fulfilled its transparency and on-time payments objective. It appears the implementation of CPS has not infused discipline to the management of pension funds in Nigeria. It also may not have addressed the identified gaps, such as corruption, indigenous economic practices, and the absence of functional infrastructure, and so on. The purpose of the study is to conduct a critical evaluation of the CPS and to see if the Nigerian PRA of 2004 has produced the required benefits for the retirees. This research study is grounded on the deferred wage theory. The research method used is qualitative, with a single case study research design. The sampling method used was purposive sampling, and data were collected using surveys and telephone interviews. Data were triangulated using the survey responses and the other arm of the telephone interviews for validation purposes.The finding is that the implementation of the CPS shows considerable improvement but did not eliminate corruption and did not infuse transparency to the system. The significance of this research study is that it could help to improve retirees’ livelihood if well implemented. Besides, pension plans and benefits are occupying an increasingly important position in economic policies in Nigeria, therefore, any effort to enhance it is worthwhile.The study could also improve the administration of pension programs in Nigeria as government and policymakers receive the justification to further “reform the reform.” It will also be significant to the organizations that manage pension funds in Nigeria.
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| Descriptor
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Labor economics
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Law
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Pension fund management
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Public policy
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Reforms
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Raisi, Alireza
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Northeastern University
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