THE EFFECT OF THE NEW PENSION REFORM ACT OF 2014 ON THE MOTIVATION OF WORKERS

ABSTRACT

This study examined the effect of the new pension scheme on the motivation of workers in the public sector: a case study of the new pension reform act of 2014. The objectives of the study set out to examine the extent the Contributory Pension Scheme has enhanced workers' attitudes to work; determine how the Contributory Pension Scheme has helped to attract and retain qualified workers, and ascertain the effects of contributory pension schemes on workers' morale and satisfaction. The study employed the survey research design which is the systematic gathering of information from respondents for the purpose of understanding and or predicting some aspect of the behavior of the population of interest. The data collected from the questionnaire were analyzed using tabulation, percentages of responses, hypothesis testing, and descriptive statistics. The findings from the study confirmed that new pension scheme has not improved the timely payment of retirement benefits in Nigeria; the implemented contributory pension scheme has been cumbersome due to poor staffing and equipping that led to poor record keeping; the new pension scheme has not improved the timely payment of retirement benefits; the new contributory pension scheme does not guarantee employees comfort in their active years of service;