Management and social perspectives
Volume 5, Numéro 1, Pages 29-54
2026-06-30
What Is The Fate Of Retirees? Payment Of Contributory Pension Scheme And The Welfare Of Public Service Retirees In Selected States Of Southwest, Nigeria
Authors : Bakare Lawal .
Abstract
The analysis investigated the first lump sums payment of contributory pension scheme and welfare of the public service retirees in the selected States of Southwest, Nigeria. Structured questionnaire was used in the study to create primary data used in the study based on the population of the pensioners in three sampled states Osun, Ondo and Ogun in Southwest Nigeria of one thousand, eight hundred and fifty (1,850) respondents and the analysis was done in a descriptive and inferential manner. Findings from research are that lump-sum payments remain insufficient to meet the minimal post-retirement needs such as healthcare, food, shelter, and welfare, especially in terms of the current inflation and rising cost of living. Administrative inefficiencies, corruption, and benefit distribution inequalities further increase the exposure of retirees, with lower cadre workers adversely impacted in comparison to elites who enjoy political or institutional influence. Analysis concludes that even though the contributory pension scheme was supposed to provide sustainability and transparency, it has failed to provide social security for many retirees, thereby destroying trust in governance and lowering the social contract. It was recommended that to ensure timely payment of lump sums and death benefits, administrative boards (ABs) must ensure effective implementation of the appropriate penalties. This study contributes to pension reform literature by demonstrating that budgetally sustainable pension schemes must reconcile fiscal responsibility with human security, equity, and fairness. These observations are not only meaningful to Nigeria but also to other emerging markets confronting similar institutional weaknesses in pension governance.
Keywords
Pension ; Retiree ; Implementation ; Policy ; Management
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