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Analysis of Retirement Benefits in Nigeria: A Case Study of Some Selected Federal Establishment

Retirement benefits due retirees has been so clouded with emotion and morality that the empirical facts around it have been neglected or overlooked. Most of the time, the justification people give for benefit of retirees is that a labourer deserve his wages or that having served for years, they deserve to retire with good benefit package. Little have been done around the benefits of package of the retirees to the employer. This study has been geared towards that direction. The study aimed to find answers to: what are the welfare packages available for retirees in Nigeria? What are the limitations inherent in the old and new pension schemes in Nigeria? What are the effects of the 2004 Pension Reform Act on the benefit of retirees? And, are there other benefit options for retirees in Nigeria? Using the descriptive survey method of research with the questionnaire method of data collection, 90 respondents were drawn from three purposefully selected federal establishments in Rivers State Nigeria. Data was presented in tables and analysed with percentage. The result of the study shows that the old welfare schemes is filled with many limitations which the new scheme have tried to cover; that the administrative process of the new pension scheme have given the pensioners hope and faith in the system; that both the old and new pension schemes could not be seen as containing enough benefit package for the retirees, since it does not cover health insurance, entrepreneurial roles of the retirees after retirement, creative and recreational facilities for retirees and housing scheme for retirees. The study also found that these packages lacking in both the old and new pension scheme will boost the welfare package of retirees in Nigeria if introduced into the new pension scheme, and the study so recommends.