Pension Reforms and Employees Savings in Oyo State, Nigeria
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Date
2022-12
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Lead City University
Abstract
The study looked at the impact of pension reforms on employee savings in Oyo State, Nigeria, with a particular focus on the effect of a contributory pension scheme on
employee savings. To explore employees' attitudes toward saving in the contributory pension reform scheme, this study used a descriptive survey research design and relied on primary data collected through field work and archives. Questionnaires were given to 262 employees of the Oyo State Public Service as a means of gathering data for the study. Questionnaires are an effective quantitative research instrument for studying human attitudes and behavior. Necessary changes, and the final draft was evaluated using the Cronbach's Alpha test. Result depicts that about 64.5% systematic variation in Employees savings (ES) is explained by pension reform (PR) while the remaining 35.5% could be attributed to exogenous factors. 64.1% of the total variation in employees’ savings is accounted by changes in the incorporated explanatory variable. The F-ratio value of 207.939 is found to be statistically significant at (P<0.01). Value of constant (ά0) of 0.729 with significant t-statistics value of 10.583 implies the value of employees’ savings at zero level of pension reform. While the coefficient pension reform (1) is 1.387 indicates that a unit increase in pension reform will result to an increase of 1.387 in employees’ savings. The general form of the model to predict RPB from PR is predicted ES = 0.729 + (1.387) CPS + U0 as obtained from coefficients table. Contributory Pension Reform assures that employees establish a saving habit that leads to investment vital for economic development. Study came to the conclusion that the Contributory Pension Reform had an impact on workers' savings. PFAs may establish a more comprehensive and robust asset portfolio investment strategy.
Keywords: Contributory Pension, Pension Reform, Regulatory Authorities, Retirement.
Word Count: 299
Description
Keywords
Contributory Pension, Pension Reform, Regulatory Authorities, Retirement.
Citation
Kate Turabian