CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Retirement is an the way of life for every employee. It is use to designate the separation or separation of a worker from active employment following reaching of the compulsory age or service based on conventional, social or state rules, in Nigeria, retirement is usually marked by profound altered condition of life for those involved; alter in the social economic cultural and familial situations that may influence the standard of living, social life, psychological, and economic stability of the migrants positively or adversely. For the personnel of Nigeria Federal Road Safety Corps, retirement is an entry from active public service into new phase of life, requiring adjustment..

The retirement life of elders cut across pension savings health facilities, family support systems and employment opportunities after retirement among others. Several elders in Nigeria are poor in retirement owing to irregular pension benefits inflation inadequate retirement package as well as poor retirement planning (Akinnade, 2016). The study shows that a chunk of retirees suffer from reduction in income level and social prestige among others thereby implication for their welfare. Also, Ugwu (2019) found out that many retirees experiences challenges adjusting to after service life due to inefficient pension administration..

The Federal Road Safety Corps was established in 1988 for road safety and traffic accidents reduction in Nigeria. The officers and staff of the corps spend many years in national development and public safety activities. Its members after retirement may face a lot of socioeconomic hardship due to low income, loss of occupational identity and increasing difficulties in obtaining health care. Retirement can change the family structure, social relations and interaction and it may have effects on the retired person's quality of life..

Socio-economic status is a term used to denote the individual's economic and social position related to other members of the society, based on income, occupation and education and living conditions,(Olaniyi & Abdulkadir, 2018). These indicators are expected to be either positively or negatively affected by retirement and it is known that given the pretension and the success of pension systems, retirement can help to improve those indicators while it can also erode them. Studies prove if retirement is poorly prepared for, the retirement would be characterized by frustration, depression and poverty (Olaniyi & Abdulkadir, 2018). That's why, the need to analyze the effects of retirement on the socio-economic status of retirees..

In Nigeria the pension reforms, (Pension Reform Act 2004 and subsequent amendments), were enacted More exactly to enhance the welfare of retirees by introducing a pension scheme that gives scheduled and prompt payment of retirement benefits. Yet, it is observed that retirees are still complaining about delays in pension payments and underpaid gratuity.

Given these, this study will Because of this investigate the impact of retirement on the socio-economic status of retirees.

1.2 Statement of the Problem

Retirement should mean a period of rest for workers who have spent several years in an active life. In Nigeria Still it has become a period when migrant workers experience hardship, socio-economic deprivation and insecurity. Even in the wake of reform in pension administering systems, many retirees are unable to secure the claim to their pension benefits..

FRSC retirees are not left out when it comes to experiencing these problems. As the media and a good number of old people who are retirees of the FRSC, they no longer receive pension payments when they are supposed to, their retirement benefits are reduced, the standard of living is on the increase, and they have been becoming less socially important. This attitude may have some adverse effects on the socio-economic status of the FRSC retirees and on the people themselves, at their old age. They might become incapable of providing for their needs such as accommodation, medicals, and their families..

On top of that, they face psycho- emotional strain as they make transition to the new life outside the service. They linger depression, loneliness and experience a sense of isolation as they adjust to the decline in their usual routine of regular income and professional life. Reports on retirement and pension administration were made available in Nigeria but very little has been written on socio-economic implications of retirement among FRSC retirees.. It is based on this fact that this study intends to find out the socio-economic effect of retirement.

1.3 Objectives of the Study

The main objective of this study is to examine the effect of retirement on the socio-economic status of retirees in the Federal Road Safety Corps.

The specific objectives are to:

1. analyze whether retirement influences the income level of FRSC retirees;

2.ascertain the impact of retirement on the social life of old retirees

3.evaluate the effect of retirement on the health status of pensioners

4. identify the challenges experienced by FRSC retirees post retirement.

5.When proposing how to enhance the socio-economic situation of pensioners.

1.5 Significance of the Study

The results of this study will be useful to various groups such as government institutions, pension administrators, researchers and retirees among others. These results will enable the Nigerian government and pension administration organizations to get a better understanding of socio-economic problems of retirees and develop policies to enhance their welfare.

Findings from this research shall be beneficial to the management of Federal Road Safety Corps in preparing retirement schemes for the existing members of the organization. Moreover, findings from this research shall be beneficial to academic community in that it shall serve as a reference material for research and studies regarding retirements. Additionally, findings from this research shall encourage employees to plan for their retirements appropriately.

1.6 Scope of the Study

The topic of this research is the impact of retirement on socio-economic status of retirees from the Federal Road Safety Corps. This research will deal with various aspects concerning the financial well-being, social relations, health care, living conditions, and problems faced by the retirees after their retirement. The geographical setting for the research is Nigeria.

1.7 Definition of Terms

Retirement: Withdrawal of an employee from employment on the attainment of the specified age or number of years of service.

Socio-Economic Status: Social and economic status of an individual determined by the various aspects like income, education, occupation, and standard of living.

Retiree: An individual who has stopped working permanently due to completion of his years of service or retirement age.

Pension: Payments that are made periodically to the retired individual in order to support him financially.

Gratuity: Payment made to an employee when he retires in recognition of his years of service.

 FREE TIPS  ON HOW TO USE SPSS FOR THE ABOVE TOPIC

Statistical Package for the Social Sciences (SPSS) is among the popular statistical tools that have been used to analyze research data in social science studies. In this case, SPSS will be used to arrange, process, analyze, and interpret data gathered through questionnaires and interview methods. The application of SPSS tool is significant in enhancing accuracy, reliability, and effectiveness in analyzing data.

The first stage in using SPSS tool in this study will entail coding and entering the data gathered from respondents. Responses obtained from the questionnaires will be assigned numerical values to facilitate the analysis process. For instance, responses like "Strongly Agree," "Agree," "Disagree," and "Strongly Disagree" will be assigned numerical values 4, 3, 2, and 1 respectively. After coding, the next step will be to enter the data in the SPSS data editor window. In the data editor window, the variables such as age, gender, income level, health condition, and social status of retirees will be well defined in the Variable View window.

Once the data has been entered, SPSS will be utilized to clean the data by identifying any errors, missing data, or any other inconsistencies. It will ensure that the data entered is reliable and valid for analysis purposes. It is easier to identify errors and omissions and correct them using the computer. Data cleaning is important because it increases the validity and reliability of the results.

Descriptive statistics will be provided using SPSS. The use of descriptive statistics such as frequencies and percentages, means, and standard deviation will enable the summary of demographic characteristics of the respondents. Frequency distribution tables or graphs can be developed to describe information about respondents' age, marital status, level of education, and years of retirement. It will make the presentation of the results easy to understand.

On top of that, SPSS will be used to either verify the study's research questions and hypothesis. Based on the type of variables and the goal of the study, the researcher may choose to perform correlation analysis, chi-square, regression analysis or t-test. These tests will be used to analyze whether retirement has a significant impact on the socio-economic status of retired FRSC.

The findings in the outputs produced by SPSS will be used to develop conclusions and recommendations in the end. The studied data can be displayed by the use of on-screen tables, charts, and graphs, when using Statistical Package for the Social Sciences (SPSS) output viewer, that aids the interpretation and presentation of the results. The output can be converted to written reports.

Word and other formats that can be used later on in the process of writing the work. In addition, SPSS is also helpful in saving time and the stress that comes and the manual calculations. Because, SPSS has the ability to analyze vast data in a matter of seconds. Also, the application is easy to use and it is most widely used in the research fields, So for, this study it is the best one. So, SPSS will be useful in analyzing and interpreting the data gathered on the effect of retirement on the socio-economy of retiree in the Federal Road.