THE NIGERIAN JOURNAL OF SOCIOLOGY AND ANTHROPOLOGY
ISSN: 0331-4111 e-ISSN: 2736-075X
Volume 22, No. 2, November 2024
Pages 50-62
DOI: 10.36108/NJSA/4202.22.0240
Challenges of the Monthly Contributory Pension Scheme in Nigeria: The Case of Gombe State Federal Workers
O. Osadebe Nnabuike and Mubarak Saidu
Department of Sociology & Anthropology, University of Nigeria, Nsukka, Nigeria
Abstract
The study explores the challenges faced by Gombe State federal workers from the monthly contributory pension scheme (CPS). The survey research design was adopted for the study. Simple random sampling technique was employed to select 393 respondents as a sample size using Taro Yamane statistical formula, out of 13,536 populations. Thus, data analysed through mean and chi-square square to test hypotheses. The study found that the lack of information about the monthly deductions from employees’ salaries, as well as the corruption and inefficiency of the organs responsible for regulating and controlling the administration of the scheme, pose the biggest challenges to federal government employees. Other significant issues include lack of sincerity and competence, corrupt management of the pension sector and the fear of financial mismanagement among those in charge of fund management, which casts doubt on the sustainability of Nigeria’s contributory pension scheme. Therefore, the study recommends that those in-charge of the pension fund should organised a monthly or quarterly workshop/seminars, sensitisation and awareness to the federal government workers in order to shed more light regarding the pension fund and the communication procedure should be open between the PFAs and the employees and timely payment.
Keywords: Monthly contributory pension scheme, pension fund administrators, challenges of inefficiency