The Contribution Of Social Security Schemes To The Socioeconomic Development And Maintenance Of Pensioners Case Study Of Parastatal Pensions Fund

ABSTRACT

It is generally agreed that the pensioners form a class of poor people. There is also a feeling that the

social security institutions which serve them are neither effective nor efficient enough to mobilize

resources towards poverty alleviation for this category of the population. This feeling has called for

the need of investigation into the issue.

The main pmpose of this research repmi is therefore to present an evaluation of the contribution of the

social security schemes to the socioeconomic development and maintenance of pensioners in general

imd of the PPF Pensions Fund in particular. Other objectives are to assess the contribution of the social

security schemes in the reduction or even eradication of poverty and to propose the strategies towards

efficient and effective operation of the schemes resources.

The review has been done on the ideas conceming the subject matter from different literatures on

Social Security Schemes, Economic and Social development and researchers. Research design

combines quantitative and qualitative approaches. Data analysis has been presented in a descriptive

manner. The methodology used in collecting the necessary infonnation included interview of

pensioners and workers, questionnaire to the pensioners, observation while doing a field work and

secondary documentary source. The sampling design involves the sample size of 30 re~pondents and

targeted population were pensioners and workers at PPF Headquarter. Sampling technique involves

simple random sampling and non-probabilistic sampling methods.

The study has found that Social Secmity Schemes fulfilled the role for which it was created and are

efficient in mobilizing their resources towards poverty reduction not only for members but also for the

country. On the other hand there some areas which needed to be acted on including the extension of

social security coverage to the infonnal sector, improvements on the service quality and providing

terminal benefits and pensions that fulfils the needs of pensioners