The effects of pension scheme on the socio-economic development of the pensioner, a case of North Central, Plateau State, Nigeria

Abstract

The purpose of this is to discover the effect between pension scheme and socio-economic development in North Central Part of Nigeria. How does pension Programmes affect the livelihood, prosperity, GDP and Infrastructural development of the pensioner. The design of this study was Adopted a case (study which is a research method were a researcher focuses on a specific area whose results are inference to represent the entire populations. The instruments of data collection was printed questions given to group of retirees and some civil servants to fill with the aim of collecting data and was analyzed using simple  using  correlation as well as analysis of variance (ANOVA) the result of this research shows that the value is less than the significant level at 5%, we can therefore reject the null hypothesis and conclude that pension scheme has significant effect on socio- economic development of pensioners in North central part of Nigeria. On the other hand ,for second research question, we can discovered  that the value is less that the significance level (0.05). we again reject the null hypothesis and conclude that regular payments of retirees benefits has a significant impact on the livelihood of  pensioner  in line with the priory expectation that Sets the research in  motion again on the probit regression results. We can see that indeed the level of payment of retirees pension is positively Related to their overall wellbeing. However, the impact of payment so far affect their livelihood insignificantly. Hence, the relevant authorities should check and Address The issues relating to  payments of benefits such as  late payment ,as it has adverse effects  on the socio economic (well-being) of pensioners.