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Challenges of Pension Funding in Nigeria Essay

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Below is an essay on "Challenges of Pension Funding in Nigeria" from Anti Essays, your source for research papers, essays, and term paper examples.

Chapter One
1.1 Background to the Study
According to Sule and Ezugwu (2009:1) “pension as a scheme is designed to cater for the welfare of the personable retired workers had for long gained global recognition and acceptance. Workers generally whether those in the public and private sectors are expected to live comfortable life devoid of any form of dependency after their successful retirement from active service. The working lives of employees move continuously towards a certain direction i.e. from employment, to grow, to retirement. Some are fortunate to save enough money to take them through the retirement period or the “rainy day” while a majority leaves the service with little or no savings at all. Ideally, there, governments and organizations need to identify a way of accommodating and adequately rewarding employees’ past efforts, through organized pension plans, so that it can achieve the goals of their existence (Rabelo, 2002). Essentially, this is often through different retirement policies which include the Defined Benefit (pay-as-you-go) scheme, the National provident fund scheme and in particular the new contributory pension scheme that is expected to be fully funded.
However, some of the existing pension schemes seem inadequate and/or ineffective. In Nigeria, for instance, SAS 8 was issued in1991 to direct and guide businesses on the determination and reporting of pension and retirement benefits. Its growing tribute, however, emerges from divergent schools of thought namely, the contributory, the noncontributory and the hybrid schools of thought (Kantudu, 2005). The first school of thought, emphasizing on contribution, is advocated by most accounting standards setting bodies as well as by writers (Campbell and Feldstein, 2001). These scholars argued that should the employees contribute a certain percentage to the plan the employee will be able to receive the entire or part of the benefits at retirement, or in case of termination of...

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"Challenges of Pension Funding in Nigeria". Anti Essays. 16 Dec. 2018


APA Citation

Challenges of Pension Funding in Nigeria. Anti Essays. Retrieved December 16, 2018, from the World Wide Web: http://parimatch-stavka7.com/free-essays/Challenges-Of-Pension-Funding-In-Nigeria-348600.html

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