Lagos Contributory State Pension Scheme and Its Impact on Retirees Financial Well-being
Omogunloye, Morayo Endurance (2024)
2024
Master's Programme in Social Science Research
Yhteiskuntatieteiden tiedekunta - Faculty of Social Sciences
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Hyväksymispäivämäärä
2024-06-12
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:tuni-202406036640
https://urn.fi/URN:NBN:fi:tuni-202406036640
Tiivistelmä
Nigerian pensioners are still faced with the issue of inadequate pension payments, finding it difficult to meet their daily needs with the amount they receive. The contributory pension scheme faces issues of pension inadequacy, inconsistency, and administrative inefficiency. Additionally, the current economic situation has exacerbated the living conditions of retirees solely dependent on pension income.
This study explores how contributions from the Lagos State Contributory Pension Scheme have impacted the overall financial well-being of retirees. To gather data, a snowball sampling method was used to interview ten pensioners who served under the State and Federal government in Lagos State via Zoom. The data was further analyzed using content analysis and triangulated for validity.
The study shows differences in retirees' experiences on their financial well-being, and quality of life under the Lagos State Contributory Pension Scheme. The findings reveal that pension amounts are inadequate to meet the basic needs of retirees and this has led to difficulties such as inability to support dependents, afford rent, food supply and meet other necessary needs. The study also revealed the reality that government support programs are not widely available or accessible to all pensioners, further worsening the situation. Based on the findings, this thesis concludes that Nigerian leaders must develop plans and policies to address financial insecurity among pensioners and provide them with a reliable social security system.
This study explores how contributions from the Lagos State Contributory Pension Scheme have impacted the overall financial well-being of retirees. To gather data, a snowball sampling method was used to interview ten pensioners who served under the State and Federal government in Lagos State via Zoom. The data was further analyzed using content analysis and triangulated for validity.
The study shows differences in retirees' experiences on their financial well-being, and quality of life under the Lagos State Contributory Pension Scheme. The findings reveal that pension amounts are inadequate to meet the basic needs of retirees and this has led to difficulties such as inability to support dependents, afford rent, food supply and meet other necessary needs. The study also revealed the reality that government support programs are not widely available or accessible to all pensioners, further worsening the situation. Based on the findings, this thesis concludes that Nigerian leaders must develop plans and policies to address financial insecurity among pensioners and provide them with a reliable social security system.