Select Currency
Translate this page

THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION

Format: MS WORD  |  Chapter: 1-5  |  Pages: 50  |  2557 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION: A CASE STUDY OF UBA AND FIRST BANK

 

CHAPTER ONE

INTRODUCTION 

1.1    BACKGROUND OF THE STUDY

The inevitability of ageing has made retirement a natural normal phenomenon in the world of work. The importance of work lies in the fact that it determines the social and economic status of an individual and influences, philosophy, attitude, dressing, behavior and belief of an individual. However, despite the magnitude of work to individuals and wellness of society in general work is exhaustible to individuals, hence workers must disengage from work (retire). Therefore, retirement is a stage in life that is normal for any worker (public or privated) that do not die in active services.

The life span of an individual is divided into three phases, in which retirement is one. The first phase: period of birth up to time of schooling or training before employment. The second phase: period of work, an individual at this stage engage in activities for financial reward. The third phase: is the period of retirement, is the point of severance from work, which falls under the ambit of disengagement theory in social gerontology. Here, the inevitability of death makes death a normal and natural occurrence. People must disengage so that the social system will not be disrupted when an individual dies. Retirement is not tantamount to redundancy neither a palliative period, but a time of self freedom without the compulsion of work dictates in which an individual is free to spend his/her time as wished.

1.2    BACKGROUND INFORMATION

Historically, Nigeria as a country inherited the British pension scheme, British Nigerian Social Insurance Trust Fund (NSITF) is the premier pension scheme in Nigeria. In 1962 National providence fund was established as compulsory savings for workers in the private sector. In 1974, amendment was made which retained the private sector within the National provident Fund. While in 1993, National Social Insurance Trust Fund was converted, into a limited Social Insurance Scheme. President Oluwasegun Obasanjo regime enacted the pension reform Act in 2004. The act decentralize and privatize pension administration in Nigeria. The law certified National Pension Commission (Pencom) as the supervising and regulatory body to oversee the activities of registered pension fund Administrators (PFA). Through the Submission process, the new pension scheme has made pension an integral exercise of public private partnership. Individual workers do contribute and have the choice of adopting preferred fund administrators. In addition, for the first time the history of Nigeria, pension fund is a source of fund for investment purpose. Hence, it becomes an employment generation Scheme as the Pension Fund Administrators have employed personnel thereby creating avenue for employment opportunities. Finally, it has attracted foreign investment that has open up the Nigerian economy to positive side of globalization.

1.3    STATEMENT OF PROBLEM

Most pension scheme in the public sector had been under, funded, owing to inadequate budgetary allocations. The administration of the scheme was generally weak, inefficient and non transparent. Most pension scheme was designed as resignation” scheme rather than “retirement” scheme. Generally, the pension schemes in Nigeria were largely unregulated, without any standard or supervision and highly diversified before the advent of the PRA 2004 (Hassana, 2008).

1.4    OBJECTIVE OF THE STUDY

To ensure that every person who worked either in the financial institution of the federation, federal capital territory or the private sector receives his entitlement as and when due.

To assist improvident individuals by ensuring that they save in order to cater for their livelihood during old age.

To establish a uniform set of rules, regulations and standards for administration and payment of retirement benefits for the financial institution of the federation, federal capital territory and the private sector.

1.5    RESEARCH QUESTIONS

The following questions were raised in the process of caring out this research

What is the relationship between opportunities and Challenges of new pension scheme and financial institution?

What is the nature of the interaction between the opportunities and Challenges of new pension scheme and the financial institution?

What is the method of communication between the opportunities and Challenges of new pension scheme and the individual?

1.6    RESEARCH HYPOTHESIS

Ho:  There is no significant relationship between opportunities and Challenges of new pension scheme and financial institution.

Hi:  There is significant relationship between opportunities and Challenges of new pension scheme and financial institution.

Ho:  Opportunities and Challenges of new pension scheme does not contribute to the financial institution.

Hi:  Opportunities and Challenges of new pension scheme contribute to the financial institution.

Ho:  Opportunities and Challenges of new pension scheme role is not important to the financial institution.

Hi:  Opportunities and Challenges of new pension scheme is important to the financial institutions.

1.7    SIGNIFICANCE OF THE STUDY

This research project will be of more importance to the individuals and the workers of the financial institution or public sector.

1.8    SCOPE OF THE STUDY

The research focus attention on the opportunities and challenges of new pension scheme of UBA and First Bank

1.9    DEFINITION OF TERMS

Pension:  This has been defined as a deferred salary that is paid during a workers retirement.

Pension scheme: Is a system designed to provide employees of an organization with a means of securing on retirement a standard of living reasonably consistent with that which they enjoyed while in service.

Retirement:  This mean sessation of service.

 

REFERENCES

Barr, N. (1995) “Comment on Government Provision and Regulation of Economic Support in Old Age” World Bank Conference on Development Economics (A B C D E).

DIAMOND, p. (1995). “Government Provision and Regulation of Economic Support in Old Age (A B C D E).

Orszage, J.M PR Orszag (2000), “the Benefits of Flexible Funding: Implications for Pension Reform in an uncertain World.

  DOWNLOAD THE FULL PROJECT

THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION INSTANTLY

  • Click on the Download Button above.
  • Select any option to get the complete project immediately.
  • Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
  • All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Musa From Ahmadu Bello University
Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.
Excellent
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good
Abdul Mateen Iddrisu
UDS
At first I taught is a site full of fraudsters until I saw my project in my Gmail after my payment.. THANK YOU IPROJECTMASTER and May God the almighty bless u guys abundantly
Excellent
Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
Excellent
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION?

Simply click on the Download button above and follow the procedure stated.

I have a fresh topic that is not on your website. How do I go about it?

How fast can I get this complete project on THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION?

Within 15 minutes if you want this exact project topic without adjustment

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

What if I want to change the case study for THE OPPORTUNITIES AND CHALLENGES OF NEW PENSION SCHEME FOR FINANCIAL INSTITUTION, What do i do?

Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

How will I get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!