CHAPTER 1: Introduction
Retirement is the period of a person's life during which he/she is no longer working, or the commencement of that period. The standard age for retirement in the United States is considered 65, although many individuals choose to retire earlier or later due to personal or financial reasons. After retirement, an individual's needs are usually funded through any combination of sources including a pension plan, a retirement account such as a 401(k) plan, Social Security, and/or a savings account/nest egg.
Retirement means a voluntary or forced cessation of work in an occupation for which a person was paid on agreed wage or salary. This definition implies that a self-employed person cannot retire or is not included in the list of those who should retire.
Retirement is a significant milestone in life and as such needs for thought and planning. Retirement goes with the creation of social security a financial incentive or pension was made available in older workers to encourage younger workers take encourage younger workers take their place, thus stimulating economic growth and progress. Oniye (2001) it is an indication for of the concluding stage of the occupational cycle at which certain material, vocational and experimental achievements are expected of the retiree.
, Oniye (2001), Retirement generally implies the terminal cassation, relaxation or change in one’s economic activity, social/legally prescribed for workers in later life. Akinade (1993) retirement is a final stage of life when one leaves and occupation which one had been involved in for a considerable length of ones working life.
1.1 Background of the Study
Planned retirement enhances employee commitment and productivity and makes the future a better place to live. It helps to increase the chance of longevity of the retiring officer”. In addition we have identified other beneficial effects of planned retirement such as allowing officers/individual to prepare for the future by developing series of ideas that will eventually made life easier. Planning for retirement allows the individual to examine his/her strengths and weakness in respect of what to do after retiring. Therefore the researches seek to appraise staff retirement methods as a means of ensuring higher productivity in local government with a case study of Isek Mbano L.G.A.
1.2 Statement of the Problem
Retirement or termination of work signifies a period of major change in the life of every employee. Such changes are usually devastating and traumatic in the life of the retiree. Planned retirement enhances employee commitment and productivity and provides the employess various options active engagements after retirements to make life comfortable. However many employees do not understand various retirements methods available for retirements. This is attributed to lack of organizational policy and where it is available they are poorly implemented .The problem confronting this research is to appraise the staff retirement method as a means of ensuring higher productivity in local government with a case study of Isek Mbano
1.3 Objective of the Study
1 What is the nature of retirement methods?
2 What is the effect of retirement methods on productivity?
3 What is the effect of retirement method in enhancing higher productivity in Isek Mbano
1.4 Research Questions
1 What is the nature of retirement methods?
2 What is the effect of retirement methods in enhancing staff productivity?
3 What is the effect of retirement methods in enhancing higher productivity in Isek Mbano LGA?
1.5 Significance of the Study
The study shall provide a detail appraisal of retirement methods and its effect in enhancing staff productivity
It shall also serve as a vital source of information on issues of retirement and retirement methods to managers and other professionals
1.6 Statement of Hypothesis
1 Ho The level of productivity in Isek Mbano LGA is low
Hi The level of productivity in Isek Mbano LGA is high
2 Ho Retirement methods are not implemented in Isek Mbano LGA
Hi Retirement methods are implemented in Isek Mbano LGA
2 Ho The effect of Retirement Methods in enhancing higher productivity in Isek Mbano LGA is Low
3 Hi The effect of Retirement Methods in enhancing higher productivity in Isek Mbano LGA is high.
1.7 Scope of the Study
The study is focused on the appraisal of the Retirement Methods in enhancing higher productivity in Isek Mbano LGA
1.8 limitation of the Study
1.9 Definition of Terms
Obi (1999) in her view states that “retirement can be seen as separation of an employer from active service or the attainment of golden age in one’s workplace which necessitates his being separated from his job”.
Benefit is an entitlement that is given to a retiree which can be pension and gratuity. According to Oxford Advanced Learners’ Dictionary, Benefit is an advantage that something gives you help and useful.
FORMS OF RETIREMENT
1 Withdrawal – extreme reduction of social activity
ii. Professional activities giving way to creative activities (artistic creation, hobbies) and cultural improvement.
iii. Leisure retirement – The focus is on leisure activities (holiday journeys, exhibitions, theatre shows etc.) with an emphasis on consumption.
iv. Protest retirement characterized by political activism.
v. Acceptance retirement – acceptance of traditional retirement values.