Contributory Pension Scheme and Academic Staff Commitment in Private Tertiary Institutions in South-East, Nigeria

Abstract

This study investigated Contributory Pension Scheme and Academic Staff Commitment in Private Tertiary Institutions in South-East, Nigeria. In carrying out this study, the researchers used descriptive survey design and the study covered the five eastern states (Abia, Anambra, Ebonyi, Enugu and Imo State) by focusing on selected tertiary institutions where contributory Pension scheme are practiced. The study involved a population of 611 academic staff from where Taro Yamene was used to select a sample of 242 academic staff. Data collected were analyzed using inferential statistics. The study gathered data mainly through a primary source using a five point likert scale as its major instrument. The Kruskawalis test (H) was employed to test the significance of the research hypotheses while the Bowley’s proportional allocation formula was used to determine each state’s contribution to the sample size. The data were analyzed using Statistical Package for Social Science (SPSS) 23.0. The study concluded that there are other intricate work conditions that are needful towards ensuring substantial and sustainable commitment of the employees hence, a right mix of these work conditions should be instituted by private tertiary institutions in South-East, Nigeria. In line with the findings and conclusion, the researchers recommends as follows; Private tertiary institutions in South-East Nigeria should not only continue with the contributory pension scheme but should ensure its early remittance. Institutions yet to undertake such scheme should endeavor to do so, Paying competitive salaries especially using salary scale of federal government owned tertiary institutions can complement the contributory pension scheme and enhance employees commitment and that Beyond contributory pension scheme and other financial tools, ensuring that the social needs of unionism of the academic staff are met can help private tertiary institutions in South-East secure the commitment of their academic staff.