THE EFFECT OF ECONOMIC RECESSION ON RETIREES: AN EVALUATION OF PENSION PROVISIONS PRA, 2014

Nuradeen Bello Ahmed, Abdulaziz Maruf Adeniran

Abstract


Over the past decade, the implementation of the New Pension Act 2004 and 2014 as amended, the living conditions of older persons (retirees) in Nigeria had deteriorated due to the eroding status of their economic power largely attributed to the value of the Naira, particularly on the care for the old- age. Relevant provisions under the PRAct, 2014 with particular reference to sections 3,4 and 7  were reviewed having also considered relevant literatures with respect to period under economic recession and the effects of it on retirees. Content Analysis was adopted to draw a conclusion on the subject matter, and suggestions and recommendations were also proffered that sections 3,4 and 7should be reviewed to accommodate recession period for pensioners.  


Keywords


Defined Contributory Pension; National Pension commission

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