Public Administration

An Assessment of Nigerias Pension Reform Act of 2004 invention Pension reform has been a common aspect of mankind sector financial reform since the early 1990s. In industrial countries this has often led to a rising of the seclusion age and a decline of the benefits which are payable. The OECD (2007) has estimated that this has resulted in a reduction in the average aid promise by governments of 22%. For women, the situation is worse with a cut of 25%. alike(p) reforms have also been introduced in develop countries as set forth of a package of neoliberal reforms. These have generally rock-bottom the already limited social safety net for the poor, whilst benefitting employers by reducing the regulation associated with the cooking of gifts. As a result, the risks liner poorer pensioners, especially, have increased as the state and employers have transferred their responsibilities for the provision of adequate old age pensions to the individuals concerned. This paper critically examines the causa of pension reform in Nigeria, a large developing country, and specifically its Pension Reform Act, 2004, as an archetype of this type of reform. The paper identifies weaknesses in the Act which could lead to reduced pension provision especially for poorer sectors of society.

A review of pertinent literature is undertaken in three broad areas, namely, the need for pension reform, key patterns of pension reform and the political economy of pension reform. Next, certain critical supply of the Act are highlighted and analyzed. This includes provisions on the contributory nature of the new pension scheme, anti-Semite(prenominal) rates of contributions, adequacy/inadequacy of the rates of contribution, abolition of top payment and payment of pension for life, ambiguity about retirement age, confusion about qualification for withdrawal from retirement savings account, legalized delay in payment of retirement benefits, the real settle of retirement savings... If you want to get a full essay, ball club it on our website: Orderessay

If you want to get a full essay, wisit our page: write my essay .