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Nairaland Forum / Nairaland / General / Career / Why Do Many Govt Employees Retire Poor. (17826 Views)
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Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 5:56pm On Jun 10, 2023 |
talented321: The bankers recruited by the banking schools is not slavery to me. They are paid well (200k+). I get that type of job and I am quitting in 10 years to do Uber work or farming having secured a fat nest egg. 2 Likes |
Re: Why Do Many Govt Employees Retire Poor. by Bobage16(m): 6:03pm On Jun 10, 2023 |
And if you retire rich , efcc and others will come for you and you will be guilty of their charges. 🥴🥴 |
Re: Why Do Many Govt Employees Retire Poor. by PoliteActivist: 7:20pm On Jun 10, 2023 |
Wodu89: So how come some countries don't have poor working people. Nobody working there is poor. EVERYBODY is paid above poverty and retirement pension is above poverty and tied to inflation. The only near poor are those who can't or won't work. |
Re: Why Do Many Govt Employees Retire Poor. by Oizee(f): 7:45pm On Jun 10, 2023 |
Major7:Amen, I appreciate greatly. 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by Oizee(f): 7:47pm On Jun 10, 2023 |
EJIOGBENIMI:Amen, thanks so much, I'm super grateful. |
Re: Why Do Many Govt Employees Retire Poor. by Oizee(f): 7:49pm On Jun 10, 2023 |
sacajawea:Federal, ministry of mines and steel dev. 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by emmaodet: 7:53pm On Jun 10, 2023 |
Vision101: You are 100% correct. When you don't have a steady source of income, your survival instinct kicks off and on the long run makes you a better planner and financially more discipline 3 Likes 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by Winneygirl(f): 8:08pm On Jun 10, 2023 |
They place their hope on PENSION. They do not make provision for inflation. Big money 20 years ago is barely above poverty line today. |
Re: Why Do Many Govt Employees Retire Poor. by balarabe01(m): 8:49pm On Jun 10, 2023 |
Firstly 98% of the world (civil servants & Businessmen) are poor due to lack of financial knowledge, its not exclusive of civil servants. But the reason majirity of civil servants are poor is because of some factors namely: *Lack of good financial knowledge *Non Implementation of Appropriate salary scale by employers. *Ostentatious livestyles *Lack of proper family planning. These will need alot of time to explain but in summary if you must be an employee, get an employer that abides by the rules of job engagements(world charter standard),do yourself a favor by getting investments i.e rental assets,stocks,gold etc and also live well within your current means and lastly nogo born football team on an employee salary. Goodluck. 2 Likes 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by balarabe01(m): 8:54pm On Jun 10, 2023 |
Firstly 98% of the world (civil servants & Businessmen) are poor due to lack of financial AAknowledge, its not exclusive of civil servants. But the reason majirity of civil servants are poor is because of some factors namely: *Lack of good financial knowledge *Non Implementation of Appropriate salary scale by employers. *Ostentatious livestyles *Lack of proper family planning. These will need alot of time to explain but in summary if you must be an employee, get an employer that abides by the rules of job engagements(world charter standard),do yourself a favor by getting investments i.e rental assets,stocks,gold etc and also live well within your current means and lastly nogo born football team on an employee salary. Goodluck. |
Re: Why Do Many Govt Employees Retire Poor. by Barbsamiin: 8:58pm On Jun 10, 2023 |
You must be a Top-G fan Wodu89: |
Re: Why Do Many Govt Employees Retire Poor. by IbeOkehie: 10:39pm On Jun 10, 2023 |
Even if a worker lives below their means and invests diligently in Nigeria over the long term, there's still a high probability they will not accumulate enough for retirement. I define a poor retirement as a significant reduction in living standards after the end of regular, full time work. It considers not just financial standing but health status, security, peace of mind and availability of public & private infrastructure that promote overall wellbeing. Reasons are many and most of us know it, that the Nigerian political-economy is STRUCTURALLY unsound and thus tends to produce poverty, corruption and violence for EVERYONE, whether working or retired. The main aspect of that structure manifests in the SOCIALIST basis of the economy, which derives legitimacy from the evolved and popular SOCIALIST culture of the Nigerian populace. It has been proven by extensive and rigorous research that the likely precursor factors of a prosperous economy are capitalist free markets, demographic homogeneity and democracy. It's unfortunate that NONE of these are present in Nigeria. Until Nigeria changes it's tendency to SOCIALISM, the economy will always produce poverty for the vast majority of the people whether they're workers, business owners or retirees. Socialism seems morally right and thus is popular among human beings while free market capitalism seems wicked and selfish and thus is unpopular. The irony is that socialism produces poverty while free market capitalism produces prosperity. ![]() Scandinavian nations generally have the highest standards of living in the world. Many people mistakenly think they're SOCIALIST countries, when they're actually FREE MARKET CAPITALIST nations. The Prime Minister of Denmark had to explicitly explain this. A Scandinavian nation like Sweden has more of a CAPITALIST FREE MARKET ECONOMY than the USA. Watch here: https://www.youtube.com/watch?v=jq3vVbdgMuQ&pp=ygUiV0hBVCBBTUVSSUNBIENBTiBMRUFSTiBGUk9NIFNXRURFTg%3D%3D Systems matter. Ideology and culture are crucial. Free market capitalism, homogeneity and democracy. That's what Nigeria needs to implement and within two generations it will become prosperous beyond what anyone thinks is possible today for both retired and working people and their families. Thanks. |
Re: Why Do Many Govt Employees Retire Poor. by sacajawea: 10:40pm On Jun 10, 2023 |
Oizee:Toor Ẹku gbadun |
Re: Why Do Many Govt Employees Retire Poor. by ofexpryz(m): 11:06pm On Jun 10, 2023 |
. Nice2023:They did not actually work while they were in office so, its more like they were getting paid for doing nothing. And you know getting free money makes one lazy. They thought the money will keep on coming until it did not. 1 Like 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by IbeOkehie: 11:30pm On Jun 10, 2023 |
mastermaestro: I truly appreciate your comment, I will merely add that Nigerians have CHOSEN to maintain this SOCIALIST system of governance. Thank you. |
Re: Why Do Many Govt Employees Retire Poor. by McStoic(m): 11:38pm On Jun 10, 2023 |
Wodu89: Sad but true |
Re: Why Do Many Govt Employees Retire Poor. by emmaodet: 5:31am On Jun 11, 2023 |
Hamachi: I love this. I no dey for all those yeye hustle hustle to enjoy my old age. Abeg, there is nothing bad in enjoying my present age too. Now is the time I can drink a lot of sugary things, has strength to bang a young lady 3/4 times, dress well and look handsome in it not looking hargard with wrinkled face etc Who knows, if we will still be here in w0 years time sef 2 Likes |
Re: Why Do Many Govt Employees Retire Poor. by kerriman: 5:56am On Jun 11, 2023 |
Good morning and thanks for this topic. The answers are 1. Government created 2. Individual 3. Societal created problem Government is the number one creator of this problem for their employees because of lack of jobs , underpayment , failure to provide basic amenities, obnoxious law(that civil servant cannot do any other business except agricultural related), insecurity, just to mention but a few . SOLUTIONS: Government should provide more employment for other dependents of, payment workers well. Provide good roads , electricity, affordable housing program for civil servants once you employed and confirmed you are given a car which can be subsidized and deducted from your salary fractionally, then as soon a civil servant is married they will be given an affordable house with structured paymrent plan . Make the public schools to provide free and quality education. Allow and help government workers set up businesses like poultry, fishery, pure and bottled water factories, mini mart, barbing saloon they can be supervising after close of work and weekend these will make to stay healthy physically, mentally and financially..it will also reduces corruption. Individual habits should be cut down most government workers chew more than they can bit spend extravagantly on cars, drinks and extra marital affairs. SOLUTIONS: Go for moderate cars , join cooperative society in your organization, limit your drinking habits especially with friends and make it an occasional thing, Go into agricultural businesses since that is the only thing government allow for now. Be a family man reduce or stop extra marital affairs. Shop at the open market as civil servant do not show off "cut your coat according to your materials " stop running rat race. Just to mention a few points here. Societal created problems such as family pressure from dependents, wickedness, insecurity, bad behaviour in work places and homes. SOLUTIONS: Do not succumb to unnecessary family pressure, invest wisely, be focused and plan for tomorrow. There are too many challenges that makes civil servant poor on retirement. Every civil servant is expected to train their child from 0 year to about 30year so if you have 4children that means you are training them for 120years which you may not live up to . This will make you poorer in retirement. My humble submission. Thanks 4 Likes 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by ooong: 12:00pm On Jun 11, 2023 |
Government employees are there to serve the people. |
Re: Why Do Many Govt Employees Retire Poor. by VeeVeeMyLuv(m): 12:55pm On Jun 11, 2023 |
Wodu89:The current wages as presently constituted across board are outdated, obsolete, long expired and uselessly, pathetically, hopelessly poor by every standard. Ideally, Professor & poor should never be in the same sentence. Although it is in the real sector that things happen, action take place, this is where wealth is created. It is after this wealth has been created that they are supposed to start talking about Tertiary institutions trained professional like auditors, accountants, economists, engineers, lawyers and so on...to manage and maintain the wealth. |
Re: Why Do Many Govt Employees Retire Poor. by samcolee(m): 1:10pm On Jun 11, 2023 |
Prettychild:the truth is how do you plan on money that disappeared immediately you receive it? How come it's possible to work outside the country and in 3to 5 yrs most are already sending money home to build houses but a government worker here in ngn will still be finding his feet. I think our salary arrangement is poor tbh. |
Re: Why Do Many Govt Employees Retire Poor. by samcolee(m): 1:14pm On Jun 11, 2023 |
SpaceAngel: I think should be something above 150k after about 18yrs or 20yrs in service and not allowed to run a biz works overtime most of these jobs are slavery abeg |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 1:32pm On Jun 11, 2023 |
Sir wat is the difference between ministry nd parastatal? sacajawea: |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 1:43pm On Jun 11, 2023 |
Sir, wat is the difference btw civil servant nd public servant. I want to learn PARADIZEPRIEST: |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 2:04pm On Jun 11, 2023 |
Is the state jobs not paying well? Just asking yemi1504: 1 Like 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 2:21pm On Jun 11, 2023 |
Pls wat is the meaning of gratuity, arrears, allownces, in the civil service line? Why do people prefer federal jobs to state jobs. Are they not the same govt work? Pls i want to learn |
Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 3:53pm On Jun 11, 2023 |
Love800: They don't. Barely above minimum wage. |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 4:30pm On Jun 11, 2023 |
Tank u. So u saying no state pays salary of 100k? yemi1504: |
Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 5:47pm On Jun 11, 2023 |
Love800: You know the answer to that yourself especially for starting salary. Maybe later sha. |
Re: Why Do Many Govt Employees Retire Poor. by IbeOkehie: 6:43pm On Jun 11, 2023 |
Love800: State government employees are very poorly paid - every adult in Nigeria should know that by now. The little salary they get is not even paid regularly, they go for months at a time without getting paid. This has been the case since I was a child. They barely get any retirement payments or gratuity. Any state government employee below the very highest ranks earns little and even those at the top subsist on massive corruption. There was a time that retired military officers were not getting their pensions at all. It was a huge scandal in all the newspapers, I don't know if things have changed, but I know a full Army Colonel who wasn't getting his pension. The credible data is that 0.4% of Nigerian workers earn over ₦‎200K per month. I know this from first hand experience. CEO of Dangote Cement earns $600K per year. https://www.thisdaylive.com/index.php/2022/07/17/highest-paid-ceos-in-nigeria-in-2021 A federal minister earns about ₦‎1million take home, that's net total pay. https://www.thecable.ng/my-salary-is-n942000-monthly-i-dont-get-allowance-says-ngige Nigeria is a poor country. Nigerians are generally very poor, even those you think are rich, most of them are poor. The UN has ranked Nigeria as the Poverty Capital of the World. Once you operate a business in Nigeria you will know all these things are true, they make sense. Good Luck to Nigeria. |
Re: Why Do Many Govt Employees Retire Poor. by Love800(m): 7:35pm On Jun 11, 2023 |
I dont know. Am just curious to learn. Am still a young lad. Anyway, thankz for ur input yemi1504: 1 Like 1 Share |
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