Workers’ Perception of Retirement and Its Implication on Productivity (a Study of Federal Polytechnic, Oko)
CHAPTER ONE
Objectives of the Study
Despite the fact that few studies have been carried out on retirement, the research work would find out more on how workers would perceive retirement policy in Nigeria.
The main purpose of this research work is to investigate how workers perceive retirement ant its implication on productivity and if their perception would affect their productivity level in their place of work. Other objectives include:
- To find out the various pre-retirement and post-retirement programmes available to workers.
- To find out how the workers perceives the retirement policy in Nigeria.
- To find out how the existing retirement policy will change and enhance workers perception on productivity. This especially concerning the staff of Federal Polytechnic, Oko where the perception would have an effect on workers’ productivity either positively or negatively.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Retirement being a relative concept was reviewed differently by people. Rose Moses in a business champion magazine of March 16, 1999 stated that “retirement is obviously a phase in one life which must be planned for to avoid embarrassment when one eventually get there, though the idea of retirement sends a cold wave through the spines of so many workers. It could on the other hand be a thing of pride provided it is properly planned for”.
Bromely (1966) expressed his opinion that retirement have varying meanings depending of the sex, socio-economic and psychological make-up. Furthermore, he concluded that people disengage from their profession and this brings about a number of changes in their life in their daily activities, social contracts and standard of living.
Osuala (1986) on the other hand, he observed that one of the commonest mistake people make about retirement is to assume that it requires no effort, no preparation but some people, they assume that retirement may be treated as one big holiday. This he argues that, there are many aspects of retirement, apart from the financial area which calls for careful thought and planning well ahead of time. Such issues are as duration in service, age, as well as health-care are all important. However, Pitch (1974) insisted that retirement does provide opportunity to develop talents and interest that have always been there but have not gotten the time to be fully involved.
Workers Perception of Retirement and their Productivity
The findings from quantitative analysis suggest that age has a significance moderating impact on the way employees perceive the four traditional retirement factors (intrinsic, health, financial and organizational policies and practices). Similarly, the findings from the quantitative analysis suggest that employees’ perception of autonomy in relation to when they retire are significantly affected by these four traditional retirement factors with the factors of financial and organizational policies and practice being the two significant factors.
The four traditional retirement factors determine how the workers put in their best in the organization. When workers discovers that with the organizational and financial policies of their organization, when they retire that they won’t be able to leave up to their expectations, they will start manipulating their activities towards their personal benefits without consideration to the goal of their organization. Manipulation of data and financial records of the organization in order to enrich themselves may now be the things the workers could think of when they discovers that their retirement will not favour them.
When workers starts perceiving their retirement period positively, it will make them to put in their best at their working place thereby increasing their productivity, but whenever they start perceiving negatively, they will start exhibiting some wrong and destructive attitude that are dangerous to the growth of the organization.
Workers Pre-retirement and Post-retirement Policy
The new Pension Act 2014, hope for Nigeria workers. A pension is a fixed sum of money to be paid regularly to a person. Typically following retirement from service, there are many different types of pensions including defined benefits plans, contributory scheme, defined contribution plans as well as several others.
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
Research methodology involves the specification of procedures for collecting and analyzing data necessary to the problem for which the research is embarked upon.
In this chapter, the design of the study, area of the study, population of the study, sample/sampling techniques, instrument for data collection, reliability and validity of the instrument, distribution and retrieval of the instrument and methods of data analysis will be discussed.
Design of the Study
The research design used in this study was survey research design due to the type of information needed in this research investigation.
Ali (1996) observed that survey research focuses on people, the vital facts of the people and their beliefs, opinions, attitudes, motivations and behaviours.
Area of the Study
The area of the study in this research work is purely Federal Polytechnic, Oko in Orumba North Local Government Area, Anambra State. The area has been identified as the entire institution which comprises the staff of the institution.
Population of the Study
This research work on workers’ perception of retirement and its implication on productivity covers the academic and non-academic staff of Federal Polytechnic, Oko. The population of 1, 403 staff will be used. The staff used
Academic staff – 363
Non-academic staff – 674
Junior staff – 366
Total = 1, 403
Sample of the Study
Due to the heterogeneous nature of the population of the staff in the institution, the researcher stratified the population into academic, non-academic and junior staff and simple random sampling technique was employed to sample out 521 respondents which is the sample size of the study.
CHAPTER FOUR
DATA PRESENTATION
This chapter is concerned with data presentation done in tables using simple percentages to analyze the data collected through the instrumentality of the questionnaire.
CHAPTER FIVE
Summary, Conclusion and Recommendations
In this chapter, the researcher summarized his findings, concludes his research work and also makes some recommendations.
Summary
This study has been undertaken to examine and find out the various pre-retirement and post-retirement programmes available to workers. How the workers perceive the retirement policy in Nigeria and also to find out how the existing retirement policy will change and enhance workers perception on productivity.
In the course of findings on how workers and their retirement programmes relates to their productivity, the researcher uses simple random sampling technique after stratifying the population due to its heterogeneous nature and sampled out 521 respondents which was the sample size. Also, structured questionnaire was used to elicit information from the respondents to know their view on the topic under study. 521 questionnaires were administered while 500 collected and 21 lost. Also simple percentage was employed in the analysis of the data. In the course of this research work through the data analysis, it was observed that majority of the workers truly understand what retirement is all about and as well understand the various pre-retirement and post-retirement programmes available to them and its benefit. It was also observed that the workers really saw the need of retirement in their career life. Just as the workers of Federal Polytechnic, Oko agrees with the researcher that retirement is necessary in the institution; also, they are aware of all the retirement policies and programmes available to them.
Then, the researcher believes that if much sensitization and education of workers concerning retirement and its policy, much productivity will be achieved in a shorter period.
Conclusion
Conclusively, the Nigeria workers in particular, Federal Polytechnic, Oko workers started perceiving the retirement policy in Nigeria more positively and are bound to continue in that way if the system did not change to bad situation, because, among the nine (9) questionnaires that was posted to workers, most of the respondents answers shows that they really know what we are talking about.
From all the questionnaire that was administered, the researcher observed that it was only non-payment and delay in workers’ payment of salaries and benefit could discourage them in carrying out their work which could affect their productivity if not well checked.
Recommendations
In view of the problem faced by workers after retirement, the following are suggested.
- The workers should be helped to develop a positive perception of what retirement is all about by making them have a sense of belonging through increasing their retirement benefits.
- Workers should also try to use their salaries effectively, for example, building residential houses in case of retirement and using some part of their salaries to invest in a lucrative business venture. This will ensure a place to retire to after one must have retired. Workers can also register as a member to co-operative societies and they can equally buy shares so as to cushion a bit with their retirement benefits. Information on co-operative societies could be obtained in the government ministries or one’s local government.
- Government should work out in advance modalities for payment of gratuity and pension immediately a worker retires. With this, it will enable the worker to prepare their mind towards retirement. This eliminates unnecessary fear that is common among retirees.
- Government should also organize in-service training, house loan and scholarship schemes for the workers children.
With these suggestions, I strongly believe that the negative perception most workers have towards retirement would be reduced and if possible erased completely.
Some of the respondents stated that workers tend to be unproductive if they are informed that their retirement is at hand. Some of them also indulge in carrying away government properties as well as selling off some of the belongings of the government. Their major reason for such act is that since they are retiring, there is little need to work very hard and be productive, because they will be leaving the work place very soon. Some that carry away government property said that is because after retirement, they will have little or no financial backing to supplement their daily living.
Most respondents states that no relationship exists between the retirement policy of Nigeria and productivity; that something reasonable should be done to increase the level of productivity especially on those who are about to retire.
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