AN ANALYSIS OF THE LEGAL IMPLICATIONS OF FAILURE OF EMPLOYERS TO REMIT STAFF DEDUCTIONS UNDER THE PENSION REFORM ACT, 2014

Abstract

This study examines the legal implications of failure of employers to remit staff deductions under the Pension Reform Act, 2014. The study examines the legal regime regulating pension scheme in Nigeria and how effective is the legal regime regulating pension scheme in Nigeria. The issue of pension has received much attention in many countries over the past decades. In fact, in recent times, pension has increasingly attracted the attention of policy makers in many countries as a means of facilitating retirement income savings by an ageing workforce. The issue of pension in Nigeria has become one of the salient issues in the Country today as result of the failure of the Country�s pension system. Pensioners lives in pain and anguish every day. The study recommends that state governments should appreciate the benefits of the contributing pension scheme and enact laws that will ensure its implementation in all owned institutions, including the universities, the federal government should see pension payment as part of the salaries of employees and ensure adequate remittance in line with the Act as when due and concludes that government and university authorities who had implemented the contributory pension scheme should ensure proper orientation of all employees of the university system to enable them appreciate the benefits of the scheme and key into it. Findings show that the issue of pension has received much attention in many countries over the past decades. In fact, in recent times, pension has increasingly attracted the attention of policy makers in many countries as a means of facilitating retirement income savings by an ageing workforce. The issue of pension in Nigeria has become one of the salient issues in the Country today as result of the failure of the Country�s pension system. The study concludes that there is a lot of skepticism by public servants, on the sincerity of government to faithfully implement the Scheme in view of past failed promises by government. As a result, there have been calls especially from non-governmental organizations and the private sector, to exempt private sector organizations with superior pension schemes from the provisions of the Act.

Identifiers

Resource ID

urn:uuid:47880519-56d7-4bd3-954f-c3fd384cc3f9