Pension Fund Administration And Welfare Of Retirees In Rivers State Civil Service Commission, 2008-2018
IYOWUNA Mpakaboari
Department of Political Science, Rivers State University, Nkpolu-Oroworukwo, Port Harcourt, Nigeria
DAVIES, Emmanuel Opuene PhD
Department of Political Science, Rivers State University, Nkpolu-Oroworukwo, Port Harcourt, Nigeria.
Keywords: PENSION FUND ADMINISTRATION, ELFARE OF RETIREES, RIVERS STATE CIVIL SERVICE COMMISSION
Abstract
The Rivers State Civil Service Commission is the body of professionals established to carry out public policies of the Rivers State government and she does these functions through recruitment, appointment, promotion, transfer, discipline and welfare of staff. This study investigated the challenges faced by pension fund administrators in the management of retirees’ welfare and the effects of the challenges on retirees. The main objective of this research is to examine Pension Fund Management and Welfare of Retirees in the Public Sector with an eye on the Rivers State Civil Service. The survey research design was chosen with 295 retirees of the Rivers State Civil Service Commission as the population of the study. The Agency theory was adopted as the theoretical framework. The research population was 295 retirees in Rivers State Civil Service Commission. The research instrument was validated through face content while the reliability of the test instrument was determined using the Cronbach Alpha Coefficient with all the items scoring above 0.70. Data were analysed using simple percentages through SPSS 21.0 version presented on tables and statistical charts, while the hypotheses were tested using the Spearman Rank Order Correlation Coefficient Statistical tool with tests carried out at 95% confidence interval and a 0.05 level of significance. Findings revealed that there is delay and irregular payment of pension to retirees. Also, there is lack of transparency in managing retirees’ welfare in the Commission, among others. Based on the findings, the study recommended that the system should adopt e-payment platform which enhances quick payment with less errors. Also, the Rivers State Civil Service Commission and the National Pension Commission should ensure effective monitoring, supervision and enforcement of the provisions of the Pension Reform Act, 2004 to institute transparency, among others