- Tytuł:
- An assessment of adequacy of pre-retirement savings for sustainable retirement income under the Nigerian 2014 pension scheme
- Autorzy:
-
Sogunro, Ashim Babatunde
Adeleke, Ismaila Adedeji
Ayorinde, Richard Olusegun - Powiązania:
- https://bibliotekanauki.pl/articles/522062.pdf
- Data publikacji:
- 2019
- Wydawca:
- Uniwersytet Ekonomiczny w Katowicach
- Tematy:
-
Actuarial assumptions
Adequacy
Replacement rates
Salary-scale and consumption smoothing - Opis:
- Aim/purpose – The main objectives of this article are to estimate percentage of preretirement savings that is needed, based on the current salary scale, to sustain academic and non-academic staff of Federal Universities in Nigeria in retirement using University of Lagos as a case study. Design/methodology/approach – The methodology of the article was designed by modifying the life-cycle model of household behaviour combine with the target replacement ratio benchmarks for different income levels as used by Pension Commission 2004, expressed in 2013 earning terms. Finding – The research findings show that the lowest income earner with entry age of 25 years and retirement age of 65 years should, without any interruption throughout the service years, contribute a minimum of pre-retirement savings of 28.01% on an annual basis from his or her emolument to maintain the pre-retirement standard of living once he/she has ceased working. Research implications/limitations – The scope of this research study is subjected to some limitations: (1) scarcity of pension financial data in Nigeria; (2) the academic and non-academic staff of Federal Universities in Nigerian using University of Lagos as a case study. Originality/value/contribution – The study has established the minimum contribution rate into the Retirement Savings Account so as to meet the internationally acceptable replacement ratio for employees of the Nigerian Federal Universities.
- Źródło:
-
Journal of Economics and Management; 2019, 35; 150-171
1732-1948 - Pojawia się w:
- Journal of Economics and Management
- Dostawca treści:
- Biblioteka Nauki
Artykuł