Building a Link between Retirement Planning in the Civil Service and Entrepreneurship Development in Nigeria

By Udofot, Paul O. | Canadian Social Science, July 1, 2012 | Go to article overview

Building a Link between Retirement Planning in the Civil Service and Entrepreneurship Development in Nigeria


Udofot, Paul O., Canadian Social Science


Abstract

Retiree involvement in entrepreneurship is known to address their wellbeing challenges hence the interest to ascertain the determinants and level of their contribution among retirees of the Civil Service of Akwa Ibom State of Nigeria. Data were obtained through the use of structured Questionnaire which was administered during the annual verification exercise of retirees. Multi regression analysis using four functional forms of linear, double log, semi log and exponential; Pearson Product Moment Correlation, chi square and T-test methods were used to test the hypotheses. The basis for the selection of the best-fit model and lead equation was the one with relatively highest R value, lowest number of significant, lower error of estimation and appropriateness of a prior signs. Double log provided the best option. The result showed that all the independent variables were significant at 0.05 level of probability. These relative effects suggest that these factors if given adequate corresponding attention would lead to a healthy and increased post retirement involvement in entrepreneurship. It is recommended that measures be taken to invigorate pre-retirement training, hitherto ignored as an essential and integral part of the retirement planning process of the Civil Service of the State.

Key words: Retirement planning; Civil service; Entrepreneurship development; Nigeria

INTRODUCTION

Retirement can best be associated with age-related exit from paid employment which comes with compensation. This can be as a result of job loss, health challenge, difficult boss and co-workers, financial incentive, as well as meeting a family responsibility (American Association of Retired Persons (AARP, n.d.). It has its history in The Holy Bible (Numbers 8:25) and is believed to have been introduced into modern governance in Germany in the 1880s (www.en.wikipedia.org/wiki/Retirement). This seemingly harmless act of leaving work is known to exert great impact on key social issues such as immigration, urbanization, healthcare, employment, and increasing family separation, among others (Paswan, Punta & Balda, 2005).

The rising numbers of retired persons in many countries and the associated consequences have generated growing interest and excitement in retirement planning process. To the employee, the idea of having to stay without work and its privileges and at the same time being socially relevant becomes a concern. Equally, the challenge of replacing the retiring personnel as well as paying their entitlements is what occupies the attention of the employer. Managing this process to achieve a balance has always been bedevilled with inherent challenges and in some cases with very controversial outcomes. It has remained an unresolved case in many economies. The retirement age reduction in Malawi, for example, has been contentious. In France, the increase in retirement age resulted in a violent national strike. In the US, there has been the policy option of cutting benefits from retirees (OSARC, 2005).

In Nigeria, retirees have always been left to fate, no matter where they had worked. Those that had worked in government ministries and agencies are not left out. Evidence abounds of retirees who died in queues while pursuing unpaid pension entitlements. Cases of exmilitary personnel encamping in major Nigerian cities for pension related payments are common. Similarly, the Federal Government is highly indebted to its former workers. At a point, the Federal Government was said to have owed its retirees about two trillion Naira in pension entitlements (www.nigeriafirst.org/article_8003 .shtml).

Generally, retirees who are the target of the retirement plans are assessed as requiring the highest degree of support and assistance in the society (www.en.wikipedia. org/wiki/Retirement). This is because they continuously face social discrimination at workplace for those who would want to work. With an estimated average global retirement age of 62 years, the US and United Kingdom accredited to providing the greatest employment opportunities for their retirees employ only 25 and 12 percent respectively of their individual national retiree populations (www. …

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