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THE IMPACT OF THE CONTRIBUTORY PENSION SCHEME ON EMPLOYEE RETIREMENT BENEFITS OF QUOTED FIRMS IN NIGERIA

ABSTRACT

This study seeks to evaluate whether or not the Contributory Pension Scheme has an impact on employee retirement benefits of quoted firms in Nigeria and; to determine the relationship that exists between the Impact of the Contributory Pension Scheme on employee retirement benefits and standard of living in Nigeria. The study also assessed the relationship between pension costs and independent variables: total assets and profitability of quoted firms in Nigeria. In line with the objectives, three hypotheses were formulated. The population of the study is the one hundred and eighty-two (182) firms quoted on the first- tier market of the Nigerian Stock Exchange and ten (10) quoted firms selected as sample size based on judgmental sampling. The study utilized data from secondary source. Data were obtained from the annual accounts and reports of the (10) quoted firms that made up the sample of the study and the World Bank data profile on gross national income per capita in Nigeria. The time frame for the study is ten years, covering the period of 1998 to 2007. The techniques of analysis used in the study were the Student’s T-test, qualitative grading, the Pearson Correlation Coefficient and Multiple Regression Analysis. We concluded that even though the Contributory Pension Scheme has positive impact on employee retirement benefits of quoted firms in Nigeria, variation in application still exists among them. The study also established that the ability of quoted firms to fund their pension assets has direct relationship with their assets sizes and respective profitability. The study recommended an effective monitoring/supervision and enforcement of the provisions of the Pension Reform Act, 2004, in addition to effective implementation of the penalties provided by the Act on non-compliers regardless of their status or origin. The study calls on the appropriate authorities such as the government, professional accountancy bodies on academics to commission research and activities geared towards developing not only accounting policies that would ensure swift compliance with Statement of Accounting Standards (SAS 8), but strategies that would ensure optimum investments that enhance net worth and profitability of firms.