The Financial Impact of Public Sector Pension Schemes in Nigeria: A Study of Nigerian Railway Corporation
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Background of the Study
Public sector pension schemes in Nigeria are critical for providing post-retirement security to employees. However, these schemes face financial sustainability challenges due to funding deficits, administrative inefficiencies, and an aging workforce (Akinola & Yusuf, 2023).
The Nigerian Railway Corporation (NRC), as a public-sector organization, exemplifies these challenges. Despite reforms such as the Pension Reform Act of 2014, issues such as delayed payments and underfunding persist, affecting the well-being of retirees and the organization’s financial health (Eze & Adekunle, 2024). This study evaluates the financial impact of pension schemes at NRC, exploring their implications for employees and organizational sustainability.
Statement of the Problem
The sustainability of public sector pension schemes in Nigeria has been a contentious issue. At NRC, funding deficits and inefficiencies in pension administration have led to delayed payments and financial strain. These challenges not only affect retirees but also hinder the organization’s capacity to allocate resources for operational growth (Okonkwo, 2023).
This study seeks to assess the financial impact of these schemes and propose solutions for improving their sustainability.
Objectives of the Study
- To evaluate the financial impact of pension schemes on NRC’s operations and sustainability.
- To identify challenges in the administration of NRC’s pension schemes.
- To propose strategies for improving the sustainability of public sector pension schemes in Nigeria.
Research Questions
- What is the financial impact of pension schemes on NRC’s operations and sustainability?
- What challenges exist in the administration of NRC’s pension schemes?
- What strategies can improve the sustainability of public sector pension schemes?
Research Hypotheses
- Pension schemes significantly impact NRC’s financial sustainability.
- Administrative inefficiencies hinder the effective implementation of pension schemes at NRC.
- Improved funding and administration can enhance the sustainability of public sector pension schemes.
Scope and Limitations of the Study
The study focuses on the Nigerian Railway Corporation, examining the financial impact of its pension schemes between 2023 and 2025. Limitations include restricted access to pension records and variability in data accuracy.
Definitions of Terms
- Pension Schemes: Programs that provide retirement income to employees after they leave active service.
- Public Sector: The part of the economy controlled by government agencies.
- Sustainability: The ability to maintain financial and operational stability over time.
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