THE IMPACT OF PENSION SCHEME AND GRATUITY ON THE LIFE OF RETIREES IN NIGERIA (A CASE STUDY OF OYO STATE PENSION BOARD)
Abstract
Abstract
This study examines the impact of pension schemes and gratuity on retirees' financial security and satisfaction in Oyo State, Nigeria. Utilizing a mixed-methods approach, 150 retirees managed by the Oyo State Pension Board participated in the study. Quantitative data were collected through questionnaires, while qualitative data were gathered through interviews with pension officials and retirees. Descriptive statistics, regression analysis, and thematic analysis were employed to analyze the data.
The findings reveal that pension and gratuity significantly influence retirees' financial security and satisfaction. However, challenges such as delayed payments and inadequate funding persist. The study recommends policy reforms, improved administration, and increased pension and gratuity amounts to address these challenges.
This research contributes to the understanding of pension schemes and gratuity in Nigeria, highlighting areas for improvement to enhance retirees' financial security and satisfaction.
Keywords: Financial security, gratuity, Nigeria, Pension schemes, retirees, satisfaction.
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