No man is an island; collectively we have been able to make a thorough research on how effective pension scheme in both the civil and public sectors of the Nigerian economy has been beneficial or just a mirage to the Nigerian workers; thus a case study of Enugu state.
In the first case, the purpose of the stuffy shall be looked at. As an overview, the aim of this study as to look at the impact of pension schemes on a sector of Nigerian workers of this public servants and how effectively this pension arrangement would be made so as to cover every sphere of there problem in relation to this. So, the purpose stretches from the important of a proper pension arrangement and how best it shall be implemented to affect a proper working of the plan.
The method of study is purely on both qualitative and quantitative basis. But in particularity, the table analysis was used for the analysis of the data collection.
The third part of the project, death on method of data collection which was purely on interview; so the response from the interview as used a data per analysis for the research work.
The last part deals with basically the major pounding. This shall be merit viewed as follows the factors which militate against the effective administration of pension scheme in the country which may include: irregular payment of benefits lack of enlightment programme etc. in our findings, the following recommendation could ensure a need for regular review of prisoners the manpower needed making the scheme to be contributory etc.
In the traditional Nigerian society, aged parents look up to their children for support and this is one reason that the average numbers of children in Nigeria home are usually more than those of their counterparts in more developed countries. The home is therefore the bedrock of provision for the old. This arrangement therefore instates the role of a pension scheme on a less final setting.
It would be appropriate at this junctures to briefly give the meaning of a pension.
A pension can be defined as a series of regular payments provided by government or former employer for a person who has come to the end of his normal working life. It is an income during retirement at it’s most basic level. Such an income will assist the retired person to survive and depending on the amount and on any other means he may have, it may also enable him continue to enjoy some of the luxuries which he could afford during his working life. As earlier indicated, it is evident now that the Nigerian traditional society simply substitutes the large extended family as a pension scheme. Members of the family collectively make every provision required by the retired for his/her upkeep until death.
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