An Appraisal Of The New Pension Reform In Nigeria

Abstract

Workers have expressed a lot of fear and skepticism over the workability and sustainability of the recent pension reform in Nigeria. This work is aimed at explaining and theoretically analyzing the workability and importance of the new pension reform.
The old pension scheme was explained, highlighting the flaws inherent there in. the modus operandi as well as the roles and functions of the institutions involved in the new pension scheme is clearly stated along with its objectives/ advantages as well as its shortcoming/ challenges. The implication of the pension reform for the financial market, especially the capital market is also theoretically analyzed. It was concluded that the new pension scheme is an improvement on what existed before. Recommendations were made to enlighten the citizens and further publicize the operation of the new scheme; adequate regulation to avoid fraudulent practices; control of cost involved and the provision of an efficient pay out system.


Keywords: Pension; reform; employee; wages

JORIND Vol. 6 (1) 2008: pp. 25-25