Employees’ Post-service Plans and Options in Nigeria

Abstract

One of the greatest challenges that faced typical employees throughout their working life is life after retirement. Despite government roles at providing social security, retirement epoch has been a tension provoking and overwhelming phenomenon in Nigeria and other emerging economies of Africa, Asia and Latin America. A close observation of many retirees in Nigeria society and the problems they are facing draw the attention of all and sundry. These problems seem to range from sudden death, dwindling status, lack of occupation, loss of the usual monthly salary, decreased strength and deteriorated health condition, physical disabilities, aging and anxiety about a residential home. In Nigeria, the regular non-payment of pensions and gratuities benefits has brought untold hardship and sudden death to many retirees, thereby making retirement something that is dreaded by workers. This problem is further compounded to lack of planning and management of post-service epoch and conditions. It is against this backdrop that this paper seeks to identify and discusses strategies available for managing post-service condition in Nigeria. The paper calls on Nigerian workers to embrace one of the options to remain moderately productive and healthy after retirement. The paper suggests, among others, that both employers and government should undertake regular pre-retirement training for their workers in order to save the country the embarrassment of seeing their retirees going to early graves or turning into destitute on the streets.