Public Workers’ Perception towards Contributory Pension Scheme: Evidence from Lagos State, Nigeria

Abstract

This study examines the perception of public workers towards contributory pension scheme with specific reference to Lagos State, Nigeria. The descriptive research design was adopted, while the simple random sampling technique was employed to select 398 respondents as the sample size for the study. Data analysis was performed with the aid of mean and chi-square. The result reveals that perception of workers towards contributory pension scheme encourages workers to save towards future, is convenient for them in the event of changing jobs, their benefits at retirement will not be affected in the event their employer becomes insolvent, it empowers contributor to choose who administers his/her retirement benefits account and provides the opportunity of enjoying some modicum of pension on retirement. Furthermore, the result reveals that non-remittance of pension contribution into retirement saving account and non-compliance of the pension reform as amended by the government at all levels, are the major challenges facing the successful implementation of the scheme. The study concludes that the contributory pension scheme looks bleak for the sustainability in Nigeria. Therefore, government at all levels should do the needful to ensure the full implementation of the scheme.