INFLUENCE OF PENSION REVIEW AND PENSION SCHEMES FUNDING ON THE ESTABLISHMENT OF SMALL AND MEDIUM BUSINESSES BY RETIREES IN KWARA STATE TERTIARY INSTITUTIONS
Abstract
The study examined the influence of pension review and pension schemes funding on the establishment of small and medium businesses by retirees in kwara state tertiary institutions. A descriptive survey design was adopted. The study population comprised retirees from the University of Ilorin, Federal Polytechnic Offa, and Kwara State Polytechnic, totaling 1,537 (947 old scheme and 590 new scheme retirees). A sample of 763 retirees was selected using The Research Advisors (2006) sample size determination table and proportionate sampling techniques. Data were collected using a researcher-designed questionnaire titled “The influence of pension review and pension schemes funding on the establishment of small and medium businesses by retirees in Kwara state tertiary institutions Questionnaire ((IPRPSFMBRQ).” The instrument was validated by three experts in Business Education, and its reliability was established using Cronbach’s alpha method, yielding a coefficient of 0.720. Descriptive statistics such as frequency and percentage were used to analyze demographic data, while mean and standard deviation were used to answer research questions. Hypotheses were tested using independent sample t-test at a 0.05 level of significance. The findings revealed that the retiree’s pension review influenced the establishment of small and medium businesses by retirees of Kwara State tertiary institution. (grand mean = 3.02 ; SD = 0.57) also pension schemes funding influence the level of the establishment of small and medium businesses by retirees of Kwara State tertiary institution (grand mean=2.81; SD=0.62). Significant difference also existed between the mean ratings of male and female respondents regarding the influence of pension review on the establishment of small and medium businesses by retirees of Kwara State tertiary institutions. It was concluded that pension review and pension scheme funding have a significant positive influence on the establishment of small and medium businesses by retirees in Kwara State tertiary institutions. While pension review was seen to strongly influence retirees' mindset towards entrepreneurship, pension scheme funding. The study recommended amongst that Nigeria government and relevant pension authorities such as PENCOM invest in comprehensive awareness programs for retirees.
Keywords: Pension Review, Pension schemes funding, Retirees, Small and Medium Business, Tertiary Institutions
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