Effects of Contributory Pension Scheme on Economic Development of Nigeria
This paper assesses effects of Contributory Pension Scheme (CPS) on economic Development of Taraba State, Nigeria. This study used both primary and secondary data; Primary data were gathered through questionnaires whereas secondary data were obtained from textbooks, Pension Act, journals, magazines and internet. Basically, descriptive statistics which include standard tables and simple percentages were employed to present data collected as well as the hypotheses formulated. The findings of this study revealed that Contributory pension Scheme make some effects on employment generation in Nigeria, Contributory pension Scheme make effects on capital market operation, and that Contributory pension Scheme make significant effects on Gross Domestic Products. This paper recommends that pension operators such as Pension fund Administrators as well as Pension Fund Custodians should provide quality jobs to the teeming youths; that enough pension funds be set aside to boost the operation of Capital Market in Nigeria as it is obtainable in other developed countries, and that the activities of Contributory Pension Fund should be geared toward improving the Gross Domestic Product of the entire nation.
Pension, Pension Scheme, Contributory Pension Scheme, Economic Development, Employment Generation and Capital Market.