An Exploratory Study of Retirees and Retirement Benefits in Ado Ekiti, South West Nigeria

Abstract

Several attempts have been made over time in regards to the issue of pensions and retirement benefits in Nigeria; hence the pension reform of 2004. However, pensioners still undergo stress in the collection of their entitlements. One unique feature is that respondents have continued to survive in spite of their plights in the hands of their former employers (usually the government). This study explored means of survival of the pensioners and how it has ameliorated their sufferings in Ado Ekiti south west Nigeria. The study employed quantitative and qualitative methods in gathering the data. For quantitative data, a total of 200 copies of questionnaires were distributed among the pensioners using systematic sampling procedures. For qualitative data, in-depth interviews were conducted for twenty respondents as a complement to the qualitative data. Findings showed that a majority of the respondents were aged between 71-80 years. Equally, a majority of the respondents’ employers did not make any tangible pre-retirement plans for them. Respondents depended on spouses, children and borrowing as a means of survival. Respondents may still continue to encounter difficulties in their bid to survive after retirement. A proper pre-retirement and post-retirement plan needs to be put in place by employers in order to prepare them for retirement and also monitor their progress after retirement.