THE PROCEDURES AND WAYS OF PAYMENT OF PENSION AND GRATUITY TO RETIRED CIVIL SERVANTS IN ENUGU STATE
ABSTRACT : This project is divided into different stages for ease of reference and simplification for analysis which goes as follows: The introduction of pension and gratuity, the background of the study which states the provision of pension and gratuity to retired civil servants in Enugu State by government though taxation. But in the private sector, premium has to set aside in separate fund known as funding for the purpose. Statement of the problem which states the different problems that through about pension and gratuity which are the inability for the retirees to lacks training and understanding on the qualification and entitlement of pension and gratuity, highly poor of regardless of pension and gratuity to government, inability to know the meaning and need of pension and gratuity. Purpose of the study, which state the needs to enlighten the public on the processes involved which prevent some civil servant from enjoying their pension and gratuity before they die. It also let the retired civil servants to know when their suppose to receive their pension and gratuity, finally the processes and ways involved in their payments.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study 2
1.2 Statement of the Problem 4
1.3 Objectives of the Study 5
1.4 Research Question
1.5 Scope and Limitation of the Study 5
1.6 Definition of the Terms 7
CHAPTER TWO
2.1 Review of Related Literatures an Overview
2.2 Statutory Age of Retirement 12
2.3 Notices of Retirement 12
2.4 Conditions for Granting Retirement
2.5 Qualifying Servant for Pension and Gratuity 13
2.6 Death Gratuity 14
2.7 Pension/Gratuity Where an Officer Killed in
Course of the Study 16
2.8 Method of Calculating Pension 18
Reference 21
CHAPTER THREE
RESEARCH METHODOLOGY 22
3.1 Sources of Data 22
3.1.1 Primary Data
3.1.2 Secondary Data
3.2 Population of the Study 23
3.3 Sample Size 24
3.4 Validity and Reliability of the Instrument 22
CHAPTER FOUR
SUMMARY OF FINDINGS AND DISCUSSION
4.1 Summary of Findings
4.2 Discussion of the Findings
CHAPTER FIVE
CONCLUSION AND RECOMMENDATION
5.1 Conclusion 39
5.2 Recommendations 42
Bibliography 45
Appendix I 49
Appendix II 49
CHAPTER ONE
INTRODUTION
The civil servant having put all his life in civil service would naturally expect to be rewarded. This immediate return is by ways of salaries and wages, while his long time rewards are by the pension and gratuity. Although one day he would be rewarded by ways of pension and gratuity also services a security.
Pension and gratuity are welfare packages for retire civil servant. It is the sum of money paid regularly to a pension who can no longer work because of age or disablement or to the widow or dependent children by the state. By his former employer o r funds to which he and his employer have both contributed after retirement, pension is expected to be paid monthly to the retired for the computation of his benefits is based on how long one has put into service and the rank at which one is retiring.
The graduation pension percentage range is from 30% of ones annual income which is computed and paid per-annum. The sum total obtained is now divided by twelve and it is this stipulated that is expected to sustain the retiree for the rest of his life.
In this private sectors of the economy however pension is still regarded as a suspect work in much the same way as during the medieval ages. Pension and gratuity makes provision for retired civil servant and is financed by government through taxation. But is the private sector premium has to be set aside in separate fund known as funds for the purpose.
This type of pension and gratuity arrangement is know as final salary scheme that is provided adequate pension and gratuity which takes into consideration earning at the time of retirement. Therefore, there are a lot of advantage in placing a lump sum at the disposal of the retiree especially if there are some immediate bills to be settled shortly after retirement.
To ensure the timely efficient and effective payment of pension, gratuity and other benefits to eligible employees of the public service for them to enjoy a dignified and secure livelihood when they leave the service.
Timely efficient and effective compensation for past service of public service, the pensions department operate under the ministry of finance and administers the government public pension policy.
1.2 STATEMENT OF THE PROBLEM
The major problem of this project study the procedures and ways of payment of pension and gratuity to retired civil servants are as follows.
1.3 OBJECTIVE OF THE STUDY
1.4 RESEARCH QUESTIONS
1.5 SIGNIFICANCE OF THE STUDY
1.6 SCOPE OF THE STUDY
This study is meant to cover the procedures and ways of payment of pension and gratuity to retired civil servants in Enugu state. However, data of this study were collected from Enugu state only due to financial and time factors. This research therefore concentrate on, in Enugu state. It was noted that there were some of pensioners in Enugu state. It is assumed that from the pattern of development of pension and gratuity in Enugu state more than half of Enugu state will adequately provide information on the characteristic of the total population. It helps to provide quicker results than does the use of the whole population.
1.7 DEFINITION OF THE TERMS
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