IMPACT OF CONTRIBUTORY PENSION SCHEME ON THE WELFARE OF RETIREES IN NIGERIA

Authors

  • Samuel Hyaluwa Department of Economics, Faculty of Social Sciences, Rivers State University, Rivers State, Nigeria
  • Chukwu Sancho Department of Economics, Faculty of Humanities & Social Sciences, Federal University Wukari, Taraba State, Nigeria
  • Ajie Hycenth Amakiri Department of Economics, Faculty of Humanities & Social Sciences, Federal University Wukari, Taraba State, Nigeria
  • Joel Emmanuel Department of Economics, Faculty of Humanities & Social Sciences, Federal University Wukari, Taraba State, Nigeria

Abstract

This study examined the impact of the Contributory Pension Scheme (CPS) on the welfare of retirees in Nigeria, focusing on correctional services, the Nigeria Immigration Service, the Federal Ministry of Health, the Federal Ministry of Education, and the Ministry of Works in Yola, Adamawa State. Guided by four research objectives and questions, the study sampled 332 respondents from a projected population of 1,991 retirees. A structured questionnaire using a 4-point Likert scale was administered, and hypotheses were tested using chi-square statistical tools. Findings revealed that the CPS has not significantly improved retirees' welfare. While pension payments helped cover children's school fees, they were insufficient for primary needs, healthcare, and reducing dependency. With an average mean score of 2.0, results indicated that the scheme failed to provide financial security. Chi-square analysis confirmed the null hypothesis, showing no significant positive impact of the CPS on retirees' welfare. The study recommended developing a pension scheme model for Nigeria rather than adopting foreign models. Additionally, timely pension fund disbursement, increased benefits to match inflation, and improved healthcare support for retirees are suggested to enhance the scheme’s effectiveness.

Author Biographies

  • Samuel Hyaluwa, Department of Economics, Faculty of Social Sciences, Rivers State University, Rivers State, Nigeria
    This study examined the impact of the Contributory Pension Scheme (CPS) on the welfare of retirees in Nigeria, focusing on correctional services, the Nigeria Immigration Service, the Federal Ministry of Health, the Federal Ministry of Education, and the Ministry of Works in Yola, Adamawa State. Guided by four research objectives and questions, the study sampled 332 respondents from a projected population of 1,991 retirees. A structured questionnaire using a 4-point Likert scale was administered, and hypotheses were tested using chi-square statistical tools. Findings revealed that the CPS has not significantly improved retirees' welfare. While pension payments helped cover children's school fees, they were insufficient for primary needs, healthcare, and reducing dependency. With an average mean score of 2.0, results indicated that the scheme failed to provide financial security. Chi-square analysis confirmed the null hypothesis, showing no significant positive impact of the CPS on retirees' welfare. The study recommended developing a pension scheme model for Nigeria rather than adopting foreign models. Additionally, timely pension fund disbursement, increased benefits to match inflation, and improved healthcare support for retirees are suggested to enhance the scheme’s effectiveness.
  • Ajie Hycenth Amakiri, Department of Economics, Faculty of Humanities & Social Sciences, Federal University Wukari, Taraba State, Nigeria
    This study examined the impact of the Contributory Pension Scheme (CPS) on the welfare of retirees in Nigeria, focusing on correctional services, the Nigeria Immigration Service, the Federal Ministry of Health, the Federal Ministry of Education, and the Ministry of Works in Yola, Adamawa State. Guided by four research objectives and questions, the study sampled 332 respondents from a projected population of 1,991 retirees. A structured questionnaire using a 4-point Likert scale was administered, and hypotheses were tested using chi-square statistical tools. Findings revealed that the CPS has not significantly improved retirees' welfare. While pension payments helped cover children's school fees, they were insufficient for primary needs, healthcare, and reducing dependency. With an average mean score of 2.0, results indicated that the scheme failed to provide financial security. Chi-square analysis confirmed the null hypothesis, showing no significant positive impact of the CPS on retirees' welfare. The study recommended developing a pension scheme model for Nigeria rather than adopting foreign models. Additionally, timely pension fund disbursement, increased benefits to match inflation, and improved healthcare support for retirees are suggested to enhance the scheme’s effectiveness.

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Published

31-05-2025

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Vol. 2 No. 1 (2025): May 2025

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IMPACT OF CONTRIBUTORY PENSION SCHEME ON THE WELFARE OF RETIREES IN NIGERIA. (2025). JOS JOURNAL OF SOCIAL SCIENCES , 2(1), 113-127. https://journals.unijos.edu.ng/index.php/jjss/article/view/858