Publisher: Centre For Social Science Research, Enugu

Social Security Administration: A Culture of Industrialized Nations

Okafor Obiefuna A. (phd)
KEYWORDS: social security, pension fund, administrator, old age, pension, early retirement pension, disability of survivor benefits, annuity

ABSTRACT:

All over the world, government exists primarily to carter for the well being of the citizens. One of the ways of doing this is for governments to develop programmes that citizen key into. One such programme is the social security programme through which the need of the aged, retired, disabled and unemployed are being met by government. The governments of industrialized nations have developed a sound social security programmes that has seen to the near elimination of some social issues. Retiring from service could lead to a more fulfilling life of the retiree is assured of that his/her life would not take a negative turn during the period of retirement. In view of this, most governments of industrialized nations have developed a workable pension scheme as part of their social security programme. In this write up, the model of contributing pension scheme developed by these industrialized nations were discussed and the benefits of such scheme highlighted. It is hoped that governments of less industrialized nations would study those models with a view to introducing the ones that earnestly and correctly fit into their environment by so doing, the tension being generated by the drowsiness of the payment of pension, would be positively addressed.



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