THE EFFECTS OF IMPLEMENTATION OF RETIREMENT POLICIES IN THE PUBLIC SECTOR: A STUDY OF IBENO LOCAL GOVERNMENT AREA AKWA IBOM STATE

Abstract

Over the years existing pension schemes in Nigeria were bedeviled by many effects; the most prominent of these effects included the inability to pay pension to retires as and when due, and the huge pecuniary and non-pecuniary cost associated with the implementation and administration of the schemes in the country which evidently made them unsustainable, this led to the Pension Reform Scheme in the country This research work focused on the effects of implementation of Retirement policies in the public sector, it took Ibeno Local Government Area of Akwa-/bom State as its study. This project tends to examine the effects that hampers effective implementation of retirement policies in the public sector and make positive suggestions on how to eradicate them. The research design adopted was the survey method with an estimate of 110 staff and management of Ibeno Local Government Area. The instrument used for data collection is questionnaire. In analyzing the data collected, the researcher used mean scores method of data analysis. The analysis was represented in a tabular form and standard deviation was used as the statistical too/ for testing the hypothesis. This paper recommended the use of a uniform pension scheme for both public and private sector, also strict regulation of the activities of pension fund Administrators and National Pension Commission to be established and charged with the responsibility of regulation, supervision and effective administration of al/ pension matters in Nigeria.