The proportion of the Nigeria’s population that is retired is large and growing, and the government face huge fiscal burdens because of promises it has made to provide income security (pension) to this set of people. Improving the adequacy and quality of pension is a priority for Nigerian government, because of the growing disenchantment by retirees over government delays to pay new improved pension schemes. The realization that effective policy and planning must take into account what pensioners want and are prepared to take is the impetus that the government is interested in meaningful life after retirement from public service. The paper aims at enriching our study course on planning for retirement, providing policy makers with reliable basis from the field that are useful for executive decisions, and to enrich would be retirees on what many retirees are experiencing and going through, to plan and save well during work life and to prepare for challenges ahead. Infact, life in retirement is not rosy and cosy for majority as pensioners face difficulties in getting their pays, arrears for months accumulated, government reluctance to implement the 148% increase and several other problems. In protecting the old and promoting economic growth, Nigeria needs to consider comprehensive pension reforms. The research team used direct (contingent valuation) surveys and ML –Censored Normal (Tobit) methods to estimate the number of retirees’ willingness to live meaningful life should the government pay them arrears and implement the increase package and other types of improvement. Clearly, the methodology produced some illuminating in sights into how to decide what level of service is appropriate for this segment of the society and how the improved services should be well implemented.
retireesincome securityold age security systemgratuity and pensionpuplic servantretiree benefitsretiree’s health and education
• Damachi, U. and Fashoyin, T. (1989): Labour Relations in the Nigeria Civil Service in Current Issues in Labour Relations: An International perspective (ed.) Alan, Gi et al (IIra Publication) Berrlin: Walter de Gryter.
• Donnelly, D. (1994): Fundamentals of Management. Illinois. BPA/TRWN.
• Farnham, D. (1994): Employee Relations: London: IPM.
• Fossum, J. (1982): Labour Relations Development, Structure ProcessMichigan, Business Publications.
• Friedman, P. (2000): GB – STAT Tutorial. Computer Aided Statistics and Graphics Tutorial/Manual U.S.A Dynamic Microsystems, Inc.
• General Household Survey (2000): National Report. Lagos.
• Greene, W.H. (2004): Econometric Analysis. Fifth Edition. Singapore. Pearson Education Pte Limited.
• Glueck, W.(1992): Personnel: A Diagnostic Approach Business Pub. Inc.
• ILO (1997): Employment Policies and Programme in Central and Eastern Europe (ed.) Godfrey M. and Richards, P. Geneva.
• James E. (1995): Averting the Old-Age Crisis. Finance and Development. A Quarterly Publication of the International Monetary Fund and the World Bank Vol. 6 No. 3.
• Johnston, J. and Dinardo, J. (1997). Econometric Methods (Fourth Edition) U.S.A. The McGraw-Hill Companies.
• Luthan, F. (1985): Organizational Behaviour, New York McGraw – Hill.
• Moddala, G.S. (2002) Introduction to Econometrics (Third Ed.) Singapore. John Wiley and Sons (Asia) Pte. Limited.
• Nwachukwu, A. (1988): Management Theory and Practice, Onitsha: Africana – Feb.
• Ogunniyi, O. (1991): Nigerian Labour and Employment Law in perspective. Lagos: Folio Pub.
• Olusakin, A. M. (1999). Post-retirement life styles of some Nigerians and the counselling implication. The counselor, 17, 1.
• Thomapson, G. (1975): The Textbook of Personnel Management, London: IPM.
• Tokunbo, M. (1990): Public Enterprise: The Nigerian ExperienceLagos: Lantern Books.
• Uniamikogbo, S. and Anthony, E. (2001): The Impact of Monetary and Fiscal policies on Manufacturing Industry in Nigeria: A simultaneous Equation Model (1980-1997). The Nigerian Economic and FinancialReview Vol. 6 Vol. 1.
• Yodder, D. and Staudohar, P. (1982): Personnel Management and Industrial Relations. Englewood (Cliff Prentice-Hall).
Copied to clipboard