International Journal of Humanities and Social Science

ISSN 2220-8488 (Print), 2221-0989 (Online) 10.30845/ijhss

THE PENSION REFORM ACT 2004 AND WELLBEING OF NIGERIAN RETIREES: A SOCIOLOGICAL EVALUATION OF ITS PROVISIONS.
Olanrewaju Emmanuel Ajiboye

Abstract
Over the past three decades, the living conditions of older persons in Nigeria had deteriorated due to the erosions of their economic power, changes in the family structures and roles, particularly on the care of older members of the immediate family and unsustainability of the pension schemes and inability of government to fulfil her expected role in the care and support of older persons in the country. Worldwide, older persons are regarded as vulnerable group, hence, it has been accepted that older persons, the children and women are in dare need of government attention. This is because poverty ravages this class of people than any other categories in contemporary world especially in developing countries. Various efforts by various successive regime in the country at addressing the needs of older members of the society have proved abortive. For instance, pensions of public servants in Nigeria that are supposed to serves as means of sustenance in their old-age were poorly handled by Nigerian government and its corrupt officials. However, the emergence of full-fledged democracy on May 29, 1999 rekindled the hope of older persons as government introduced in 2004 new Pension Policy. Theoretically, this paper takes a critical look at the 2004 pension policy of the government on the wellbeing of Nigerian retirees. It uses Marxist theory to analyze the issue. The paper concludes that an evaluation of the scheme revealed that the Policy may not be able to achieve its targeted objective to large extents.

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