Effect of Voluntary Contribution on Contributory Pension Assets of Federal Government Employees in Kwara State
Loading...
Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The introduction of the Contributory Pension Scheme (CPS) in Nigeria has over the year’s
undergone series of amendments since its inception. With this perception aimed at improving
the welfare of retirees seems noticeable for the purpose of increasing employees’ assets.
Whether these assets increase or not is yet to be registered and made public even with the
inclusion of voluntary contribution in the repealed Act PRA 2014. This study is on the effect of
voluntary contribution on assets of federal government employees in Kwara state. This study
hypothesis is that there is a positive effect between voluntary contribution on the employee’s
assets in the federal ministries, departments and agencies in Kwara state. The study employed
descriptive survey research design that is cross sectional in nature to ascertain the effectiveness
of the voluntary contribution for increased pension assets. The study used simple random
sampling from among the population of federal employees serving in ministries, departments
and agencies in Kwara state. Both descriptive and inferential statistics were used to analyze the
data using regression analysis with the aid of SPSS version 25.0. The study found that there is a
positive significant effect between voluntary contributions and contributory pension assets of
employees with (p < 0.0001) which means that voluntary contributions have effect on
contributory pension assets on employees. Therefore, employees should delve into having a
more robust voluntary contribution to increase their pension assets at retirement