IMPLEMENTATION OF CONTRIBUTORY PENSION SCHEME AND ITS IMPACT ON THE WELFARE OF RETIRED FEDERAL PUBLIC SERVANTS IN PLATEAU STATE: 2016-2023

Abstract

The concern of the public and private sectors about the welfare of retirees, their families and their contribution to the society have attracted academic scholarships and policy debates in recent years. Pension schemes such as the contributory pension scheme is expected to play a significant role in supporting retirees' wellbeing, whereby they receive their pensions and gratuities. However, the efficacy of these pension schemes has been questioned with calls to understand the root causes of the problems. This has resulted in the quest to embark on this study to examine the implementation of contributory pension schemes and its impact on welfare of retirees. Specifically, the study explored the nature of the implementation strategies, how prompt it is in paying the pension benefits and the link it has on employees' social life. The study adopted the Social Contract Theory. The study adopted secondary method of data collection through thematic and content analysis of the data collected. The finding revealed that although the Contributory Pension Scheme has the potential to improve retirees’ welfare through effective implementation and prompt payments, its impact is significantly constrained by systemic governance gaps, corruption, weak enforcement and lack of punishment to fraudsters. The study recommends that there is need in highlighting for transparency, structural reforms, and inclusive governance to achieve sustainable welfare outcomes and restore public confidence in Nigeria’s social protection system.