An evaluation of pension schemes and their impact on retired workers’ welfare: A case study of retirees in Asaba, Oshimili South Local Government Area, Delta State
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Background of the study
Pension schemes are vital for ensuring the financial security and welfare of retired workers. In Asaba, Oshimili South, Delta State, the effectiveness of these schemes has become a matter of intense public debate. With an increasing number of retirees relying on pension benefits as their primary source of income, questions have arisen regarding the adequacy, sustainability, and management of pension funds (Okoro, 2023). Many retirees report challenges such as delayed disbursements, inadequate fund management, and inflation-adjusted discrepancies that undermine their standard of living (Ibrahim, 2024). Pension reforms and policy reviews have been introduced to address these challenges; however, gaps in implementation persist. This study critically evaluates how current pension schemes impact the welfare of retired workers in Asaba by analyzing benefit levels, administrative efficiency, and policy effectiveness. Furthermore, it explores potential improvements in pension management to enhance retirees’ financial stability and overall quality of life (Adewale, 2025). By examining both quantitative and qualitative data, this research aims to contribute to the broader discourse on pension reform and social security in Nigeria (Chinwe, 2023).
Statement of the problem
Retired workers in Asaba face significant challenges due to inefficiencies in the pension schemes administered in Oshimili South. Delays in fund disbursement and inadequate benefit adjustments have compromised the financial well-being of retirees. These issues have raised concerns about the sustainability and effectiveness of existing pension management practices. The study aims to identify the specific shortcomings in the current pension system and assess how these deficiencies affect retirees’ welfare. Addressing these problems is critical for ensuring that pension schemes fulfill their intended purpose of providing secure post-retirement income (Uzo, 2024).
Objectives of the study:
- To assess the effectiveness of current pension schemes in Asaba.
- To evaluate the impact of pension management on retired workers’ welfare.
- To recommend improvements to enhance the sustainability and reliability of pension benefits.
Research questions:
- How effective are current pension schemes in ensuring retirees’ financial security?
- What factors adversely affect pension fund management in Oshimili South?
- Which reforms can improve the overall welfare of retired workers?
Research Hypotheses:
- Inefficient pension management negatively affects retirees’ welfare.
- Delays in fund disbursement correlate with reduced quality of life among retirees.
- Policy reforms will significantly improve the effectiveness of pension schemes.
Significance of the study
This study is significant as it evaluates the effectiveness of pension schemes impacting retired workers’ welfare in Asaba. Its findings are expected to influence policy improvements and enhance financial security for retirees. The research contributes to a deeper understanding of pension management challenges and provides practical recommendations for reforms, benefiting both policymakers and beneficiaries (Balogun, 2023).
Scope and limitations of the study:
Limited to the topic only.
Definitions of terms:
- Pension schemes: Programs designed to provide retirement income.
- Retired workers’ welfare: The overall well-being and financial security of retirees.
- Pension management: The administrative processes involved in operating pension funds.
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