PUBLIC/PRIVATE SECTOR INVOLVEMENT AND SUSTAINABILITY OF CONTRIBUTORY PENSION SCHEME IN NIGERIA

Abstract

The study evaluated the public/private sector involvement and sustainability of contributory pension scheme in Nigeria. The specific objectives are to: examine the relationship between contributory pension scheme and maintenance costs of the employees and assess the relationship between defined benefit scheme and operational safety of the employees. The study used a descriptive survey design. It also adopted simple random sampling technique in selecting the sample unit and the population of the study was two hundred and seventy-one (271) comprising of retirees and potential retirees from Enugu metropolis. The whole population was used due to small number. A total of 259 respondents returned the questionnaire accurately filled. Data were presented and analyzed using mean score and standard deviation using Sprint Likert Scale. The hypotheses were analyzed using t - test. The findings indicated that contributory pension scheme had significant positive relationship with the maintenance costs of the employees t(95,n= 259), 9.098, p. > .05. Defined benefit scheme had significant positive relationship with the operational safety of the employees t(95,n= 259), 9.987, p. > .05. The study concluded that contributory pension scheme and Defined benefit scheme has relationship with the maintenance costs and operational safety of the employees. The study recommended among others. The management of both government and private organizations should participate effectively in contributory pension scheme as this will provide an avenue for all citizens to take control of their financial destinies