Abstract:
Determined to solve the numerous problems that are associated with the unfunded defined pension system in the country, the federal government of Nigeria in June 2004 carried out a range of comprehensive and fundamental reform in the system of pension and gratuity management and administration as a formidable measure aimed at alleviating the pains and suffering of the retired elder statesmen in the country; whom after rendering patriotic services to their fatherland waits endlessly for their pension and gratuity emoluments to be paid. Consequent upon which staffs and workers of pensionable jobs usually either use the time meant for office work to pursue their private pecuniary interests or discharge their duties perfunctorily, which results in low rate of productivity in the achievement of the corporate goals of the establishment. This study therefore, examines the impact of the new pension scheme on workers productivity in the Nigerian Universities, using the University of Nigeria, Nsukka as case study. The crux of the study however, is to interrogate the prospects of the contributory pension scheme in boosting the morale and motivation of workers towards their duties. On this account we examined the various ways through which the new pension scheme is different from the old system. We hypothesized that the new pension scheme has increased workers productivity in the university as well as its management and administration. The Eastonian theory of system analysis was used as our framework of analysis. We argued that for the university of Nigeria to achieve its corporate and institutional goals while at the same time avoiding systemic breakdown that all parts of the system must be alive to their responsibilities both the administration and the workers. In this connection, we posit that if the workers are adequately catered for especially in their old age that they will put in their best in their job execution. The study make use of observation method of primary sources of questionnaire and interview, in addition to textbooks, journals, magazines, conference papers, official documents and Internet sources where necessary. It also adopted the content analysis technique of quantitative method as our method of data analysis. The study discovered that the introduction of the new pension scheme in 2004 has led to an increase in the workers rate of productivity in the University of Nigeria, Nsukka. This is made possible by the fact that the new contributory pension scheme has been able to tackle most of the shortcomings of the old system. Moreover, the study also revealed that there exist a fundamental departure in the system of management and administration of the new pension scheme from the old one, which has brought about resurgence of effectiveness and efficiency in the manner of payment of retirement benefits. Drawing from the above findings, the study among other things recommends that there is the need for public enlightenment campaigns on the merits of a contributory pension scheme, with a view to acquaint the workers, of its numerous benefits in other to further help stimulate their perception of safe retirement as well as, that the federal government and the Pension Commission must ensure effective and constant monitoring, supervision and enforcement of the provisions of the Pension Act, 2004 to avoid relapse on the side of the policy implementation organs. Thus the new pension scheme is actually a panacea to the problem of pension administration in the country.
