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PENSION REFORM ACT OF 2004 ANALYSIS OF IT’S IMPACT ON NIGERIAN WORKERS

ABSTRACT

The main purpose of this write-up was to determine the impact of pension reform Act 2004 on the Image of pension Workers in Nigeria. The pension Reform Act 2004 was characterized by some problems like non-compliance, ignorance of the benefit of the pension reform act 2004 which has hinder the smooth administration of the reform act. The major findings of this study were the fact that pension is a series of benefits provided by government or former employer to a person who has come to end of his working life and that the existing pension prior to the enactment of the pension reform act 2004 was characterized by indebtedness and so was seen effective. The conclusion of the study show that despite the problems faced by the reform act that if the reform act is given full time to manifest the reason beyond its enactment that it will boost the image of pension workers and pension business in Nigeria and will be of benefit to the citizenry of the state and also bring about economic growth and development of the nation.

CHAPTER ONE

1.1      BACKGROUND OF THE STUDY

Currently a number of studies have been carried out on the impacts of pension reform Act 2004 on both the image of pension business in Nigeria and the entire workers in Nigeria.

However, much have not been discourse about impact on the new pension reform act 2004 will bring on the image of pension workers in Nigeria.

Pension natural can be described as a sum of money paid regularly to a person who has come to the end of his normal working life or it can be defined as a series of regular payment provided by government or former employer for a person who has come to the end of his normal working life or who no longer works because of age, disablement etc or to his widow or defendant children by the state by his former employer as or from funds to which he and his employers have both contributed. Thus, the introduction of the pension reform act 2004 was due to inability of the previous pension system to meet the need of the people.

Thus this research is embark as a result of the quest to bring to the effect. The new pension reform act 2004 have created so far on the image of pension workers in Nigeria.

It is also hope that this write up will enlighten the readers especially business student and pension administrators on the analysis of the impact of pension reforms act 2004 on the image of pension on Nigeria worker.