The Contributory Pension Scheme (CPS) and Sufficiency of Retirement Benefit of the Low-Income Retirees of the Federal Public Service in Nigeria

O. Abere, BANJO, Kudirat Adeola, T. S. Saka
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Abstract

This study examined the level of sufficient retirement benefit under the contributory pension scheme emanating from the pool of savings contributed that can suffice to provide the minimum needed livelihood. The secondary data of all pension contributions and retirement benefits were retrieved from series of publications of Pen Com from the years 2004 to 2022. The primary data population consists of 1316 retirees. EasyFit 5.6 Professional Software together with the Least Square Model, accumulation and annuity formulae was employed to analyse the secondary data and the responses from the respondents during survey. Arising from the data collected and the analysis carried out using the Consolidated Public Service Salary Structure, the level of comfort of low income retirees who spent 20 to 35 years in active service is nothing to write home about due to insufficient pension benefits as a result of the challenges investigated. The study recommends the implementation of minimum pension derived with requisite modalities of 20 years as the minimum qualifying length of service and only 10-year post retirement subsidy
缴费型养老金计划(CPS)和尼日利亚联邦公务员系统低收入退休人员退休福利的充足性
本研究探讨了缴费型养老金计划下的充足退休金水平,这些退休金来自于足以提供最低生活需求的储蓄。有关所有养老金缴款和退休福利的二手数据均取自 Pen Com 2004 年至 2022 年的系列出版物。主要数据人口包括 1316 名退休人员。在分析二手数据和调查期间受访者的答复时,采用了 EasyFit 5.6 专业软件以及最小平方模型、积累和年金公式。从收集到的数据和利用公务员综合工资结构进行的分析来看,由于所面临的挑战导致养老金福利不足,在现职岗位上工作了 20 至 35 年的低收入退休人员的生活舒适度不高。研究建议实施最低养老金制度,以 20 年为最低合格服务年限,仅提供 10 年退休后补贴。
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