Retirement Episode 2
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Retirement
By: Razzak osemobor
In the last episode on retirement, we ended with three key questions:
- Which retirement plans have you enrolled in?
- Does your company have future plans for you?
- What is the fate of those who served meritoriously in the federal civil service and state government?
Retirement has different meanings depending on the context. In career terms, it means ending services rendered by an employee after serving a company for many years, or upon attaining the official retirement age. This decision could be made either by the employer or the employee. From the stance of the employee, this is known as self-retirement, which should not be confused with resignation that can be tendered at any time.
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If an individual runs a private company or business, they may decide to retire and hand over executive or managerial roles to a successor—whether a family member, trusted partner, diligent worker, or associate.
Defining what retirement is, it is crucial to ask yourself: what retirement plans have you adopted? Some might say: my own houses, my trained children. If these exist, are there secondary retirement plans? If they don’t, what alternatives have you put in place?
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Some people think retirement plans are only for workers in big private companies or government parastatals. No! A businessman can also have a retirement plan. However, their requirements depend on the pension scheme. For instance, as a registered business owner, if you pay statutory taxes to the government, you can adopt a pension scheme—which may require maintaining 2–3 employees on a monthly payroll, along with other conditions, in order to qualify for contributions.
For those working in a company, gratuities are paid after many years of service, and pension contributions accrue over time on your behalf, to be paid upon reaching retirement age.
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It is disheartening that while some companies are still growing, others deliberately exploit workers by failing to provide retirement benefits—leaving some hopeless and depressed in old age. Besides, some private business owners fail to recognize that a day will come when their energy will no longer remain the same.
On the fate of those who served the Nigerian government with all their hearts—the next episode will delve into some of the situations they face after retirement.
Stay tuned.
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