This project is divided into different stages for ease of reference and simplification for analysis which goes as follows:- The introduction of pension and gratuity, the background of the study which states the provision of pension and gratuity to retired civil servants in Enugu State by government though taxation. But in the private sector, premium has to set aside in separate fund known as funding for the purpose. Statement of the problem which states the different problems that through about pension and gratuity which are the inability for the retirees to lacks training and understanding on the qualification and entitlement of pension and gratuity, highly poor of regardless of pension and gratuity to government, inability to know the meaning and need of pension and gratuity. Purpose of the study, which state the needs to enlighten the public on the processes involved which prevent some civil servant from enjoying their pension and gratuity before they die. It also let the retired civil servants to know when their suppose to receive their pension and gratuity, finally the processes and ways involved in their payments.
The term pension is a sum of money paid regularly by government to people above a certain age and to widowed, (widow) or disable people by former employers or financial institutions. It is also an amount of money paid regularly by a government or company to somebody who is considered to be too old or. While the term, gratuity, means the money that you give to somebody who has provided a service for you or money that is given to employers when they leave their job. There for being a reward for past meritorious services pensions and gratuities claim a first charge on the consolidated found of any government. Pension and gratuity matter should be treated with dispatch so it becomes inhuman for any deliberate delay in the payment or processing of retiring benefits. Some people that bother about the matter at all would admit that pension and gratuity are erroneously understood in Enugu state. And so it is assumed that very little can be done to stop the abuse of the scheme by both employers and the law makers. And government has accepted that pensions and gratuities should be regarded as one’s statutory right and should under no circumstances be reduced or with held except for grievous reasons well defined.
1.1 BACKGROUND TO THE STUDY
Government generally regarded as the employer of labor is well identified with the provision of pension and gratuity for retired civil servants in Enugu state. In the private sector of the economy however, pension is still regarded as a suspect work in much the same way as during the medieval ages in Enugu. Pension and gratuity provision for retired civil servants is financed by government through taxation, but in the private sectors premium, has to be set aside in separate fund known as funding for the purpose.
Contributions towards this fund is born by the employer usually as a percent age of payroll. The employee may or may not be called upon to contribute to the cost. These contributions accumulated with interest and investment income to provide the benefits on retirement . retirement benefit provision for employees , of the private sectors in Enugu state is optional, since there is no statutory obligation on employees. Those employers we set up schemes are rather cost conscious pension and gratuity are related to earnings and the most adequate type is one which takes account of both salary and length of services. This type of pension and gratuity arrangement is known as final salary schemes that is provided adequate pension and gratuity which takes into considerations earnings at the time of retirement. Therefore, there are a lot of advantages in placing a lump sum at the disposal of the retiree especially if there are some immediate bill to be settled shortly after retirement. Finally nothing can be compared with pension which promise some sort of livelihood until death .This surely gives a lot of sense of security of a retired employee who is used to receiving a regular payment in form of salary.
1.2 STATEMENT OF THE PROBLEM
The major problem of this project study “ The procedures and ways of payment of pension and gratuity to retired civil servants in Enugu state are as follows.
1. Most pensionaires lacks training and understanding on the qualification and entitlement of pension and gratuity.
2 The regardless of pensionaires and gratuity to the government is highly poor in Enugu state.
3. The meaning and need of pension and gratuity are not strongly introduced to the people in Enugu.
4. Enugu state with its limited resources can not provide adequate finance to see to the great development of pension and gratuity.
5. Private sectors dose not regard pensionairess.
1.3 PURPOSE OF THE STUDY
To know how payment are been made to the retired civil servants.
To know how their employers are been handled their pension scheme.
To know the processes and ways the civil servants are passing through when they retired.
To make the civil servant know what they are entitled on retirement.
1.4 SCOPE OF THE STUDY
This study is meant to cover the procedures and ways of payment of pension and gratuity to retired civil servants in Enugu state. However, data of this study were collected from Enugu state only due to financial and time factors. This research therefore concentrate on, in Enugu state .It was noted that there were some of pensionaires in Enugu state. It is assumed that from the parttern of development of pension and gratuity in Enugu state more than half of Enugu state will adequately provide information on the characteristic of the total population. It helps to provide quicker results than does the use of the whole population.
1.5 LIMITATION OF THE STUDY
This study is subjected to the limitation of time and finance. These also have necessitated the limitation of coverage. Also, the researcher found it difficult to get the respondent to complete the questions. Furthermore, it has not been easy getting information from the management staff of employers in Enugu state. The obvious contributions to the nations economic well being in areas of job opportunities, source of finance for Government, public and private sectors of the economy makes the study of paramount importance.
1.6 SIGNIFICANCE OF THE STUDY
· It prepare the mind of civil servant on the necessary and sufficient condition they must posses to be qualified for receiving pension and gratuity.
· It will help the civil servant to know the processes and ways involved in payment of pension and gratuity.
· It gives explanations on the processes and ways the civil servant must undergone before they can finally get their pension and gratuity.
· It also explains the kind of service or employment that are pensionable.
· It will help students who might wish to carry further research work or related topic.
1.7 DEFINITION OF THE TERMS
1. Pension is a sum of money paid regularly by Government to people above a certain age and to widowed (widow) or disable people by former employers or financial institutions. It is also an amount of money paid regularly by a Government or company to somebody who is considered to be too old.
2. Gratuity – money that you give to somebody who has provided a service for you or money that is given to employees when they leave their job.
3. Length of service – This is the period an officer or employees last in an organization starting from the beginning of his/ her appointment to the end or his/ her retirement.
4. Next -of – Kin – This means your closest living relative or those persons whose name are furnished by the deceased or retired officer on his / her records of service kept in the central record office.
5. Officer – This is a person who is in a position of authority, especially in the Government or a large organization .
6. Retirement- Means to stop your job because you have reached a particular age, the time when you do this is at 60 years of age or when you are very ill / sick to work.
7. Withdrawal – The act of no longer taking part in something or being a member of an organization.
8. The commission – This is an amount of money that is paid to somebody for selling goods and which increases with the amount of goods that are sold.
Ali D. and Inyele I. calb (1992) Nigeria civil service reforms
Ibandan, No5 Educational publisher Ltd.
Army Pension Acts(1937) , Federal ministry of insurance P. 125
Crissil . A. (1937) Indian railways Schemes office of S. A and C.A.
O, western Railways mumbai P.161.
Johson I. E, (1996) Public Sector Insurance Control, Ikeja, Lagos
Paper Express Co.P56
1. N. PC(2002) pension and gratuity fund schemes vol ZP 106
Oshisami K. and Fadie E.O the important of government insuring
date to Economic Planning” .The Nigeria insurance vol No xvi, No
Pension Acts (1979) Federal Republican of Nigeria Lagos
Federal government press page 204
Ugwu F. N (1998) public sector insurance Enugu modern printing
press P .165
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