AN EXAMINATION OF CIVIL SERVANTS PREPARATION TOWARDS RETIREMENT. A RESEARCH PROJECT MATERIAL ON PUBLIC ADMINISTRATION
- BACKGROUND OF THE STUDY
BACKGROUND OF THE STUDY
Retirement is the withdrawal from one’s position or occupation or from one’s active working life. A person may also semi-retire by reducing work hours. Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement benefits in 1889 (The German Precedent, 2006).
Nowadays, most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought over whether this is a right. In many western countries this right is mentioned in national constitutions.
Retirement might coincide with important life changes; a retired worker might move to a new location, for example a retirement community, thereby having less frequent contact with their previous social context and adopting a new lifestyle. Often retirees volunteer for charities and other community organizations. Tourism is a common marker of retirement and for some becomes a way of life, such as for so-called grey nomads. Some retired people even choose to go and live in warmer climates in what is known as retirement migration.
A sweet and enjoyable post retirement life demands that certain capital or income generating production/service outfit(s) be put in place beforeretirement.Every striving worker in the 21st century should know that the Nigerian economy is facing serious challenges, hence, there is need for pre-retirement planning strategies to combat and manage the impending pains and stress in retirement. Retirement plan should not beover looked by any worker considering the fact that labour wage in Nigeria is far from being a living wage.