Contributory Pension Scheme and Welfare of Retirees: A case of Tertiary Institutions of Education in Southwestern Nigeria

Afees O. Hassan & Sunmola K. Adegoke

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Abstract

The study investigated the effect of the Contributory Pension Scheme (CPS) on the welfare of retirees of tertiary institutions of education in the Southwestern zone of Nigeria. Using the Taro Yamane formula and a multi-level sampling technique, a sample size of 125 retirees was obtained from three tertiary institutions of education in the Southwestern part of Nigeria as follows: Osun State College of Education, Ilesa (41), Lagos State University of Education, Lagos (36) and Adeyemi College of Education, Ondo (48). The main instrument of data collection was a set of questionnaire which was administered to the retirees to collect relevant data. The instrument was validated and its reliability coefficient calculated to be 0.82 using the Cronbach Alpha formula. The data collected was analysed using the Chi-square and the one-sample t-test statistics. The results showed that the contributory pension scheme did not have significant effect on the welfare of the retirees (t = .207, p < 0.05). Useful recommendations were made based on this finding.

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