1.0 Introduction
1.1 Background of the Study
Retirement is an official withdrawal and final separation from one's occupation or employment. It is the complete means or final separation from work force or it may denote the end of all contributory activity beyond that of self-maintenance.
Mitchel W.M (1972:UD). Retirement is an official withdrawal of all employee from service after years of satisfactory performance of his official duties. It is a state of honorable disengagement of an employee after acceptable number of satisfactory service. Parker S.V (a980:266).
There are three types of retirement namely: Voluntary, compulsory and mandatory retirement. No matter the type, retirement remains and official withdrawal from service of an employee of an acceptable time when his predictive ability is on decline.
It is observed that when an employee reached his normal age of 65 years, that he is due to retire from job. This is done in order to employ more able bodied men who are capable and willing to work. Although when an employee forcefully or compelled to retire from his job by his employer, it is said to be compulsory or forced retirement of an employee.
Koor E.H (1959:121) Retirement serves as a means of reducing unproductively, thereby giving a way for employment generations of the able-bodied men, who are capable and productive to work. Retirement has steadily grown essentially in industrial services.
The primary purpose of an adequate retiring system is staff improvement. When employees are left to work at very old age, there performance becomes poor and their continuance in office prevents the employment and promotion of other capable people.
However, retirement is crucial because an aged employee cannot perform effectively and efficiently. There is need to employ more capable hands in an organization. Above all, it is a strategy in employment generation.
1.2 Statement of Problem
Retirement policy may be aimed at providing opportunity for employment generation for young school leavers. But this may impact negatively on the immediate family of the retired. in the face of these problems of retirement and problems associated with it, this research work has set out to ask some questions which are important to this research work. The questions raised by this research work is as follows:
- What is retirement of personnel?
- What is the age for people to be retired?
- How can a retired be well treated?
- What happens to the vacancies created through retirement?
Retirement and adjustment of retired with financial support as a pension and gratuity is a neglected issue in Nigeria. Many people quite above retirement age are still in active service as a result of age falsification and this has led to the following problems.
Unemployment, there is a lot of stress, non-payment of gratuity and excessive reliance on pension which are also irregular. Most of the retires are dying out of frustration.
1.3 Objectives of the Study
The objectives of this study are as follows:
- To show that aged people are no longer active in service.
- To show that people that have reached the age of 60-65 are no longer productive in service.
- To reveal that the retiree could be well treated through granting him some financial support for his living.
- To indicate that vacancies created through retirement make for employment opportunities, especially for young school leavers.
- To reveal that pension and gratuity is for the upkeep of the family of the retired.
- To show that a policy matches with adequate retirement benefit has the capacity of sustaining the retired and his family.
1.4 Research Questions
- What is the age for people to be retired?
- How can a retired be well treated?
- What happens to the vacancies created through retirement?
- Does retirement serve as a strategy in employment generation?
- In your own opinion do you think that the retirees are well treated?
- Can Government do some thing better to help the retirees?
- Has retirement contributed to the employment opportunities of the young school leavers?
- Is retirement a blessing or a curse?
1.5 Significance of the Study
This research work is being carried out to let the management realize the important of retirement as a means of employment generation in the society. The management of retirement from all indications is a neglected issue in Nigeria. This has resulted to too many problems such as malad justification of retirees, unemployment and reduction in productivity rate.
Firstly, this study is seeking to achieve a more effective system of retirement of personnel through pension reforms. That is retirement benefit in form of financial support. The significance of this can never be over emphases. The subject matter of this research is both time and topical for years. The problem of attaining an effective and consistent system of retirement benefit has remained one of grave concern.
This research work is armed at having a critical look at the problem and subsequently emerging with concrete findings which will point the way forward by generating ideas and solutions to the perennial problems of retirement.
Secondly, this study would give basis for further researches to validate finding of intended studies and to the existing knowledge of management. It will also reveal the essence and important of employment generation in the management of retirement in development world and in the society.
Finally, this study will be of immense help to the government for present and further retirement policy formulation and implementation.
1.6 Scope of the Study
Taking cognizance of the fact that studying retirement and strategy in employment generation with condition of retiree in Nigeria as a whole was going to be a difficult task, the research decided to narrow it relatively to his environment.
1.7 Limitations of the Study
Some of the factors that are constraining the research work are as follows:
Financial Constraints:
As a result of financial constraints, the researcher was forced to narrow down his research environment to a relatively narrow size.
Time Factor:
Research work of this nature requires time for an efficient and effective collection, compilation, presentation and analysis of data collected. Unfortunately, the time limit within the research work to be completed is not sufficient. It requires a relatively short time to facilitate the timely submission of the research work.
Attitude of Some Respondents:
Some of the respondents exhibits certain uncompromising attitude towards answering some of the research questions. Similarly, most of those who are in possession of the research work or material could not and this did affect the research work adversely.
Work Load:
The pressing need attend lectures, coupled with the fact that the departmental load is enormous did militate against a through and highly intensive research work.
1.8 Definition of Terms
The project work involves the use of words which may appear strange to other fields of human endeavors. These words that need explanation include:
Retirement:
It can be defined as an official withdrawal and disengagement of an employee from service after a long period of time.
Pension:
This could be seen as a periodic payment made by an employer to his retired employee in consideration of past services rendered to the organization.
Gratuity:
It is defined as a gift of money paid in lump sum to the retiring officer.
Employment:
This is a process of engaging someone in service in order to earn a living.
Efficiency:
It refers to the demonstration of a standard level of perfection in providing a service.
