Impact of the 2014 Pension Reform Act on Workers’ Commitment, Retention and Attitude to Retirement in Cross River State, Nigeria

Abstract

Background: Pensions are one vibrant measure designed to achieve a laudable end after years in service. Nigeria, in particular, had put in place different schemes before the promulgation of the 2014 Pension Reform Act.

Objective: This study seeks to evaluate the 2014 Pension Reform Act and its implications for pensioners in Cross River State of Nigeria.

Methodology: The study adopted the descriptive survey design, which invariably led to the sourcing of data through primary sources. The questionnaire was used for data collection, and 400 participants participated in the study. Data obtained were analysed using Pearson Product Moment Correlation(r), and results were presented in tables.

Result: Findings revealed that the Act significantly contributes to workers’ commitment to their duties because they know that at the end of their years in service, they will have something to fall back on. The result also showed that the Act contributes to workers’ retention and attitudes to retirement.

Contribution: The study has provided information to help understand the role of pensions in workers' attitudes to work.

Conclusion: Good pension laws and administration could greatly influence workers' performance and attitudes towards retirement.