Full Project – Computerized retirement benefit database system

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CHAPTER ONE

GENERAL INTRODUCTION

• INTRODUCTION

A retirement benefits scheme is the totality of plans, procedures and legal processes of securing and setting aside funds to meeting the social obligation of care which employees owe their employers on the retirement or case of death and disability.

The objective of setting up the retirement benefit scheme is therefore, to provide employees of a cooperate organization with standard of living which is reasonably consistence with that which they enjoyed after their service. It is interesting to note that establishment of a retirement benefit scheme is not new.

In the African context retirement benefit was provided in a reciprocal situation whereby the young age took care of and provided the necessary education in anticipation that they would be able to take care of elderly who at their old age would be unable to provide for themselves. Thus, some form of pension scheme had been established since the existence of human race, although its developments in modern terms appear to be slow. A contributory retirement benefits

Scheme will therefore mean the totality of plans, procedures and legal processes of securing and setting aside funds by way of joint contributions by the employee to meet the social obligation of care which the employers owe employee on retirement or in case of the death and disability. An employer in realization that he may not be able to generate the needed revenue in future to meet his pension obligation 100%  under  the PAY AS YOU GO unfunded non contribution scheme may initiate a partnership arrangement with the employees to make contribution to a pension scheme in order to guarantee pension payment to them on retirement. A contributory pension scheme guarantees future payment of pension scheme, therefore guarantees future payment of pension because funds would meet his social obligation if the scheme is properly managed.

1.1     STATEMENT OF THE PROBLEM

The problem involves in manual pensions scheme are:

1. Cases of lost files and records
2. Location of files first before you extract needed information from them.

iii.     Computation of pension benefit is difficult.

1. There is delay in preparing monthly pension bank schedule etc.

 

1.2     SIGNIFICANCE OF THE STUDY

In the light and problem surrounding pension scheme management in Nigeria, this study is set to achieve among other things the following specific objectives:

1. To identify the different schemes and how they are funded.
2. To give an assessment of funded scheme and criteria used.

iii.     To identity the strength and weakness of the new pension Reform ACT.

1. To analyze the problems facing pension in Nigeria.

vii.     To recommend measures to be taken to tackle the problem faced by the general administration of the pension scheme.

 

1.3     BRIEF HISTORY OF THE CASE STUDY

The present Abdu Gusau polytechnic, Talata Mafara has a long standing history. Its origin dates back to the emergence of staff training center, Sokoto in 1956 which was eventually renamed Staff Development center, Sokoto in 1972. It is the she staff development institute, Birnin Kebbi and Home economics centre, formed part of the then polytechnic of Sokoto State, Birnin Kebbi in 1980.

The geographical division in the country in 1991 saw the creation of Kebbi state from former Sokoto state. The former Sokoto state leadership of Col Bashir Salihi Magashi thought it desirable then to establish its own polytechnic at Talata Mafara, to take advantage of the existing structure meant for technical college already there. Still the college of Administration Fafaru remained an integral part of the proposed polytechnic and served as the temporary site.

This laudable proposal eventually become a reality in 1992, when Excellency, the then Governor of Sokoto Mallam Yahaya Abdulkarim signed the Bill establishing the polytechnic, in February 1995, the Government of Sokoto state renamed the institution to Abdu Gusau Polytechnic after the Late Engr. Abdu Gusau who died in November 1994. In October 1996 the Federal Government created Zamfara state out of the then Sokoto state, a situation which necessitated the hurried relocation of the institution to its partially completed permanent site as it was not possible legally for Zamfara state to continue to sustain an institution belonging to it but located in Sokoto. By the end of 1996, the institution had completed its relocation paving way for the commencement of the new session (1996/97).

 

A unit under registry department, this unit started function in January 1998 to date.

Its functions as follows:

1. It process claims of both debt and retired staff of the polytechnic for payment to an insurance company.

2       It enrolls its entire staff that may retire for service.

3       It prepares staff nominal roll of the polytechnics.

4       It compiles and processes all staff list for the group like insurance.

5       It also involves in all pension administration relating to pension matters.

6       It liaises with the following organization in carrying out its primary assignments.

1. National pension commission
2. State Ministry of Education (Pension department)
3. Office of the head of service
4. State Ministry of finance (budget office or department)
5. Bureau for Public service reform office
6. Pension forms Administrators.
7. NBTE (National Board for Technical Education).

General Issues in Retirement

Retirement planning as an exercise the world over is fraught with many challenges, For Nigeria workers who are especially challenged by low level of income and savings as well as huge family and social responsibilities of our extended families, and inadequate access to medical facilities. Also, Nigeria does not have a separable social security system that takes care of the aged, the young employed, and most disturbingly, the disable, meaning that all these categories of people constitute an additional responsibility on the workers and the workers resources.

 

1.4     AIMS AND OBJECTIVES OF THE STUDY

         In the light problems surrounding pension scheme management in Nigeria, this study is set to achieve among other things the following specifics objectives.

1. To identify the different schemes and how they are founded
2. To give an assessment of funded scheme and criteria used.

iii.     To identify the strength and weakness of the new pension Reform Act.

1. To analyze the problems facing pension in Nigeria.
2. To recommend measures to be taken to tackle the problem faced by the general administration of the pension scheme.

 

1.5     SCOPE OF THE STUDY

This project is limited to state staff funds Trustees Board only. This program covers only the operation involved calculating the pension and gratuity of every staff due for it or qualities for that.

 

1.6     LIMITATION OF THE STUDY

The intention of this project is to computerize the present manual methods of records keeping of retirees benefit so as to eliminate hardship of manuals methods of keeping retire records. The new system will aid the organization in handling the difficulties associated with manual methods and brings about better means of calculating, recording and retrieving pension and gratuity retirees benefit record easily without difficulties.

 

1.7     DEFINITION OF TERMS

1.7.1  PENSION: The amount of money paid on a basis to retirees that service for not less than ten (10) year.

1.7.2  GRATUITY: The amount paid to retirees that served for not less than five (5) years.

1.7.3  RETIREMENT:  The act of withdrawing oneself from active service in an organization.

1.7.4  RETIREMENT AGE: This official age or length of time of service which no worker is expected exceed in organization.

1.7.5  PENSION ADMINISTRATORS:  They are pension scheme managers that are responsible for ensuring that pension scheme operates effectively and sustainably.

1.7.6  PENSION ADMINISTRATOR: They are the persons that oversee the running of a pension Fund.

1.7.7  COMPUTER: Is a device that performs arithmetic and logical operations under program control without human intervention.

Or an electronic device or machine that accept data as input, instruction given to it and produce a solution result as the output.

1.7.8  PROGRAM: Is a set of instructions which enable the computer to perform a specific design operation or task.

1.7.9  PROGRAMMING LANGUAGE: Is a language that computer understand when writing a program.

 

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Full Project – Computerized retirement benefit database system