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Contributory Pension Scheme Second Decade in Nigeria and Expected Reforms for 2024 Amendments

NWANNA, Ifeanyi Onyenwe (Ph.D)

Abstract

The most useful old-age benefit in social security is life pension. Pension is a retirement plan that provides regular income in retirement. Pension is an old age security payment system that provides retirement benefits to pensioners. It is a compulsory saving scheme for all employed workers in any economy. The paper had reviewed the enactments, amendments and operations of the Contributory Pension Scheme (CPS) in the last twenty years. Judging from the outcomes, the necessary modifications required in the expected amended Act in 2024,.the paper strongly recommend a Pension Scheme that ensures secure income with inflation linked adjustments. . Reforms are necessary in any good applicable pension scheme to ensure their acceptance with economic trends, strategic positioning and conformity with expectation of all subscribers.

Keywords

Contributory Pension SchemePension Fund AdministratorsPension Fund

References

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