EFFECTS OF PENSION SCHEMES ON THE NIGERIAN WORKERS: A STUDY OF ENUGU (STATE)

This study explores the effects of pension schemes on workers in Enugu State, Nigeria, with a focus on awareness, participation, financial security, and barriers to effective scheme management. Data were collected from 392 respondents through a structured survey, revealing key insights into their experiences and perceptions. While 63.8% of participants are enrolled in pension schemes, a significant gap in awareness persists, with many workers lacking knowledge about their options. Concerns about financial security were highlighted, as 45.9% expressed doubts about the adequacy of their pensions to cover living expenses after retirement. The findings also identified poor administration and lack of transparency as critical barriers to effective pension management, with nearly half of the respondents reporting difficulties in accessing their benefits and dissatisfaction with communication from their providers. These results underscore the urgent need for enhanced educational initiatives to improve awareness, clearer communication strategies to build trust, and streamlined administrative processes to facilitate easier access to pension benefits. By addressing these challenges, stakeholders can empower workers to achieve greater financial security in retirement and contribute to a more effective and reliable pension system in Nigeria.