1.0 Introduction
1.1 Background of the Stud
Retirement is an official withdrawal and final separation, from one's occupation or employment. It may come to mean complete or final separation from workforce or it made donate the end of work contributory activity beyond that of self maintenance, Mitchell W.M (1972. iii). Retirement is an official withdrawal of an 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.C. (1980:260) there are three types of retirement namely: voluntary, compulsory and statutory retirement. No matter the types, retirement remains an official withdrawal from service of an employee at an acceptable time when his productive ability is on decline.
It is observed them when am employee reached his normal age to retirement, by the time he must have gotten to the age of 65 years that he is due, 60 retire, from his job. This is done in order to employ more able bodied man who are capable and willing to work. Although when an employee is forcefully or compelled to retire from his job by his employer it is said to be compulsory or forced retirement of an employee, Moore E. H (1959:14).
Retirement serves as a means of reducing unproductively, thereby giving way for employment generation of the able bodies men, who are capable and productive to work. Retirement has steadily grown essentially in industrial societies. The primary purpose of an adequate retiring system is staff improvement. When employees are left to work at a very old age their performance become poor and their continuance in office prevent the employment and promotion of other capable people.
However, retirement is crucial, because an aged employee cannot perform effectively, there is the need to employ or capable hand in an organization beside, it is an strategy in employment generation.
1.2 Statement of Problem
Retirement policy may be aimed at providing opportunity for employment generation for young school leaves. But this may impact negatively on the immediate family of the retire. in the face of these problems of retirement and the problems associated with it, this research work has set out to ask some question which are of immense importance to this research work.
1.3 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 retiree be well treated?
- What happens to the vacancies created through retirement?
- What is pension and gratuity?
- What is the fate of retirees after retirement?
Retirement and adjustment of retire that is financial support as in pension and gratuity is a neglected issue in Nigeria. Many people quite above retirement age are still active service by virtue of age falsification and this has led to the following problems. Unemployment, there is a lot of stress, non payment of gratuity and excessive reliable on pension which are also irregular, most of retiree is dying out of frustration.
1.4 Objectives of the Study
The objective of this study are as follows
- To show that aged people are on longer active in service.
- To show that people have reached the age of 60 to 65 are no longer productivity in service.
- To reveal that a retire could be well treated through granting him some financial support for his livings
- To indicate that the vacancies created through retirement make for employment opportunity, especially for young school leavers.
- To reveal that pension and gratuity is for the up keep of the family of a retiree.
- To show that a good retirement policy matches with adequate retirement benefits how capacity of sustaining the retiree and his family, even it can help rehabilitate them.
1.5 Significance of the Study
This research work if being carried out to let the management realize the importance of retirement as a mean of employment generation in the society. The management of retirement from all indications is a neglected issue in Nigeria, this has resulted too many problems such as, maladyustment of retirees, unemployment and reduction in productivity rate, firstly, this study is see king to achieve a, more effective system of retirement benefit inform of financial support. The significance of this study could never be over emphasized. The subject matter of this research is both timely and topical for years. The problem of attaining an effective and consistent system of retirement benefit has remained one of grove concern.
This research work is aimed at having a critical look into the problem and subsequently emerging with concrete findings which will point the way forward by generation ideas and solution to the perennial problems of retirement. There is better management of retirement in developed world.
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 importance of employment generation in the society.
Finally, this study will be of immense help to the government for present and future retirement policy formulation and implementation.
1.6 Scope of the Study
Scope: taking cognizance of the fact that studying retirement and strategy in employment generation with condition of retirees in Nigeria as a whole was going to be a difficult task. The research decided to narrow it relatively to his environment.
1.7 Limitation of the Study
Limitation:
Some of the factors that are constraining to the research 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 were of this nature require time for efficient and effective collection compilation, presentation and analysis of data collected unfortunately, the time limit within the research work to be completed is not quote sufficient.
