RETIREMENT AND LIVELIHOOD: WHAT ARE THE PROSPECTS OF AGED RETIREES INNIGERIA’S CONTRIBUTORY PENSION SCHEME

Abstract

The focal point of the paper is mainly directed toward the wellbeing of retirees during their retirement period. The
concepts of retirement and pension are discussed in relation to the aged Retirees’ livelihood as well as introduction
of contributory pension scheme in Nigeria. The major organs of the scheme and their functions, as well as the
implementation of the scheme were discussed. Merits and demerits of the scheme were examined. Finally,
conclusion and recommendations such as the Pension Commission (Pen Com) and Pension Fund Administrators
(PFAs) should address the plight of retirees by ensuring prompt payment within three months of quitting the job, to
alleviate retirees’ sufferings from long waiting period before payment was offered among others.