Perceived Influence Of Contributory Pension Scheme On Entrepreneurial Prospects Of Business Educators In Nigeria

Abstract

The study was conducted to determine the influence of contributory pension scheme on entrepreneurial prospects of business educators in colleges of education in the south-west, Nigeria. Two research questions and two null hypotheses were raised. Descriptive survey research design was adopted in the study. The population of the study consisted of all business educators who are academic staff in all the colleges of education in the south-west, Nigeria. The instrument used in the study was a fourrating scale questionnaire known as Contributory Pension Scheme Questionnaire (CONPESNIQ). Split-half method was used for reliability correlation and the coefficient was 0.88. Research questions were answered with the use of descriptive statistical tool of frequent count, mean and standard deviation while the hypotheses were tested with inferential statistical tool of t-test. The result of the analysis showed that contributory pension scheme had significant influence on business educators' entrepreneurship prospects and that major problem confronting effective implementation of contributory pension scheme in south-west, Nigeria is lack of consequential adjustment. The study recommended among others, that for contributory pension scheme to play its entrepreneurial role, employers of labour should ensure that their mandatory 10% contribution is correctly computed and remitted to business educators' pension administrators as at when due so that funds can be made available for retired business educators for entrepreneurial and economic activities and that The pension reform act of 2014 must be constantly reviewed so that the flaws in the act can be corrected for the benefits of retired business educators and other retirees.