ANALYSIS OF THE LEGAL REGIME FOR CONTRIBUTORY PENSION SCHEME IN NIGERIA

📄 Project Abstract

This dissertation appraised legal framework of contributory pension scheme CPS in Nigeria. Doctrinal method was adopted. Thus, the dissertation analyzed material from primary and secondary sources. The primary sources include information from national and international legal instruments on CPS, while the secondary sources include books, articles and internet materials on the subject matter. It was found that there are still problems relating to coverage of the scheme. For example, the Scheme does not apply to private organizations with more than 3 employees but less than 15 employees. The same applies to workers in the informal sector which constitute a good percentage of Nigeria's total labour force. Though, PenCom is in the process of setting up Micro Pension structure for such class of workers. However, there are challenges in the area of awareness and strong institutional structures. It is also found that saving or contribution under CPS is exposed to the risk of decline without co...