Workers Retirement in Nigeria: A Pleasant Experience?

Abstract

This study examined workers’ perceptions of retirement with some conditions that could make it either pleasant or disgusting in south-western, Nigeria. These were intended to disseminate knowledge about retirement, the crises that comes with it, and the steps that should be taken as part of self-retirement plans to prevent problems after retirement. The study as well assessed near-retirement workers self-mitigative measures being taken to forestall crisis and unpleasant experiences after retirement. The study adopted a descriptive research design using quantitative approach. The population consisted of all the principals, teachers of secondary schools as well as some retired teachers in south-west, Nigeria. The multi-stage sampling procedure was used to select 1,095 teachers from three states (Ogun, Osun & Ekiti) purposively selected for the study. A self-designed research instrument titled: Workers’ Retirement Questionnaire (WRQ) was used to elicit information for the study. Results on retirement perceptions showed different views such as total departure from paid work (78.4%), as an immediate change in life (63%), and a time one needs another means of financial sustenance (63.4%). On commonly experienced issues, findings showed issues such as non-payment of pensions and gratuities to time accompanied by untold hardship (84.3%), increased economic stress (75.3%), psychological tortures (63.2%), and inadequate care and poor family support (60%). As regards threats being envisaged by serving workers, reslts showed that inconsistent salaries and nonconformity with the stipulated minimum wage (62.5%); politicisation and marginalisation of labour unions (59.7%); inability of labour laws to protect workers’ rights against abuses (59.7%), and corrupt practices among retirement administration authorities (62.2%). Finally, on mitigative measures, results showed savings into retirement accounts via a comprehensive retirement plans (61.5%); exercising one’s mind by learning something new (54.2%), and maximising one’s income sources (61.3%). The study, therefore, concluded that retirement for workers in Nigeria could be seen as both a curse and a blessing but with proper planning and support, retirement can be a time of fulfilment and enjoyment. This is however dependent upon a strong political will and governmental commitment.