Accessing the implication of pension reforms on the welfare of retirees in Nigeria
Pension reforms have always been a critical aspect of economic policy. The purpose of this article was to examine the effect of pension reforms on the well-being of Nigerian pensioners. The paper evaluates some hypotheses, including: an increase in the minimum pension contribution is not related to...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Technical University of Moldova
2024-12-01
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| Series: | Journal of Social Sciences |
| Subjects: | |
| Online Access: | https://press.utm.md/index.php/jss/article/view/2024-7-4-02 |
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| Summary: | Pension reforms have always been a critical aspect of economic policy. The purpose of this article was to examine the effect of pension reforms on the well-being of Nigerian pensioners. The paper evaluates some hypotheses, including: an increase in the minimum pension contribution is not related to the well-being of Nigerian pensioners; a reduction in the waiting period for accessing benefits has no impact on the well-being of Nigerian pensioners; extending the mandatory retirement age has no influence on the well-being of Nigerian pensioners; upward revision of penalties/sanctions applied by pension payers does not affect the well-being of Nigerian pensioners. Logistic regression was applied to analyze a sample of 150 respondents from the implemented survey. The following were analyzed: the impact of increasing the minimum pension contribution in the system, the effect of reducing the waiting period for access to the benefit (IPMC), the influence of extending the mandatory retirement age (RWPB), how the upward revision of pension debtor penalties/sanctions (URPP) affects the well-being of retirees. The effect of the Temporary Retirement Savings Account (TRSA) on the well-being of retirees was assessed. The findings demonstrate a positive association between good governance and the independent variables, with marginal impact coefficients of 0.606, 0.059, 1.048, 0.301 and 0.053 and p-values of 0.000, 0.045, 0.021 and 0.033, respectively. It is concluded that the more generous the pension benefits, the higher the incomes of the elderly population, which may have a redistributive impact of income among the elderly. |
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| ISSN: | 2587-3490 2587-3504 |