Life After Retirement
LIFE IN RETIREMENT
A PAPER PRESENTED BY
GBOLAHAN I. OYEGOKE (PRINCE)
B. Sc. (Ed.)Econs., MBA (Mktng.) ABR, ACTI, ACA
HEAD OF PRACTICE
Gbolahan Oyegoke & Co
Chartered Accountants
AT THE
POST RETIREMENT SEMINAR
ORGANISED BY
T. A. AMUSSAH & SONS LIMITED
(CONTRACTOR TO CHEVRON NIGERIA LIMITED)
DECEMBER 6, 2006
PREAMBLE
Retirement simply refers to the fact of stopping work because you have reached particular age or set criteria. Such criteria may be health, performance at work, conduct, options, takeover etc. Retirement can be delightful or devastating… a dream come true or a dreadful nightmare. It depends on how one prepares for it.
In Nigeria, the private sectors have a relatively better reputation for taking seriously their obligations to retiring and disengaging employees through the prompt payments of severance benefits and gratuities. Happily and commendably, the uncertainties, poor-record keeping, frustration and trauma which are common feature of pensions and terminal gratuity payments in the public service continues to be very minimal in the private sector.
However, after putting 40 – 45 years of ones productive age in service of one company or the other, a research finding revealed the following:
|Situation/Position at 65 years and above |Rating |
|Very rich |1% |
|Financially independent |4% |
|Struggling to survive |5% |
|Died in Service |36% |
|Dependent |54% |
|Total |100% |
This trend could be traced
A PAPER PRESENTED BY
GBOLAHAN I. OYEGOKE (PRINCE)
B. Sc. (Ed.)Econs., MBA (Mktng.) ABR, ACTI, ACA
HEAD OF PRACTICE
Gbolahan Oyegoke & Co
Chartered Accountants
AT THE
POST RETIREMENT SEMINAR
ORGANISED BY
T. A. AMUSSAH & SONS LIMITED
(CONTRACTOR TO CHEVRON NIGERIA LIMITED)
DECEMBER 6, 2006
PREAMBLE
Retirement simply refers to the fact of stopping work because you have reached particular age or set criteria. Such criteria may be health, performance at work, conduct, options, takeover etc. Retirement can be delightful or devastating… a dream come true or a dreadful nightmare. It depends on how one prepares for it.
In Nigeria, the private sectors have a relatively better reputation for taking seriously their obligations to retiring and disengaging employees through the prompt payments of severance benefits and gratuities. Happily and commendably, the uncertainties, poor-record keeping, frustration and trauma which are common feature of pensions and terminal gratuity payments in the public service continues to be very minimal in the private sector.
However, after putting 40 – 45 years of ones productive age in service of one company or the other, a research finding revealed the following:
|Situation/Position at 65 years and above |Rating |
|Very rich |1% |
|Financially independent |4% |
|Struggling to survive |5% |
|Died in Service |36% |
|Dependent |54% |
|Total |100% |
This trend could be traced