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Nairaland Forum / Nairaland / General / Career / Why Do Many Govt Employees Retire Poor. (17825 Views)
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Re: Why Do Many Govt Employees Retire Poor. by TradingGod: 2:18pm On Jun 10, 2023 |
OgbeniOptional: Any child that forsake his parents is worse than an infidel 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by sniperr007(m): 2:21pm On Jun 10, 2023 |
Nice2023: Civil service encourages laziness and free money. Hence they don't know how to create or sustain wealth. So there is no backup plan after retirement. |
Re: Why Do Many Govt Employees Retire Poor. by ROYALMAXCLEANER: 2:21pm On Jun 10, 2023 |
![]() Nah, police own pain me pass ![]() Unless dem comot police from pension with wuru After 35yrs in service... They retirement package nah jux 1-3m that nah small ranks Then 3-8m that nah dem ogas own b that ooo ![]() Abeg make Tinubu comot this people from pension wuru wuru... ![]() ![]() 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by iswallker(m): 2:26pm On Jun 10, 2023 |
Love800: Pension is for life under old scheme and cps. You get 25% of your RSA balance - the rest is paid monthly. The balance is paid to benefactor at death. Govt pays 10% of your monthly gross from federation account - 8% is extracted from your monthly gross as your own contribution. The total of 18% is paid to PFA to invest while you work. You are eligible for monthly pension at age 50 - if you so desire. Your monthly pension depends on 1. the grade level you retired on 2. Your age at retirement 3. Your RSA balance at retirement 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by Wodu89: 2:26pm On Jun 10, 2023 |
TradingGod: Why are professors poor then ? 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by Tenumootito: 2:36pm On Jun 10, 2023 |
I had researched this and below are my findings. 1. Our schools doesn't teach us financial literacy and management. 2 . School had been designed to make use be employees. 3 A lot of employees doesn't know how money work. We have to invest in knowledge to get how money works. 4 business is the key to financial freedom, providing solutions to problem will make you rich, wealth and flourish. 5 A lot of employees are afraid to take risk, hence money doesn't work that way 6 Employees mindset had been program, salary will soon come..two days later ..another rate race. I write to tell you as employees whether in govt or private sector, read the following books...The richest man in Babylon, Rich dad poor dad, Automatic millionaire. You will get to know how money work and have financial knowledge. 3 Likes 2 Shares |
Re: Why Do Many Govt Employees Retire Poor. by smasher1(m): 2:36pm On Jun 10, 2023 |
Nice2023: Lack of savings from every month salary. 1 Like 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by Reference(m): 2:38pm On Jun 10, 2023 |
Because the country they claim to be working for is run down and poor. In normal climes when you run down an enterprise you lose your job as it folds up. Well, government is built never to close down no matter how badly government employees run it aground but poverty is a certain option. OP. If I say what is on my mind concerning the civil service you will just weep. Do you know the last time Nigeria's refineries worked anywhere near capacity (that is at the kind of sustained, productive levels a typical enterprise needs to be profitable) was nearly thirty years ago during the early years of the Abacha regime. Now a civil servant who joined the Refining company then will soon be ripe enough to retire and become pensionable. What will such a person claim to have done with his life. WHY should such a person be anything but poor, but most are not. Not only do they not work as in the true sense of work, but they either sabotage or work in cahoots with those who sabotage that enterprise. And this can be said about half a dozen other grave yards called Nigerian government enterprises from Ajaokuta to ports littering the eastern seaboard. Just one big welfare scheme. |
Re: Why Do Many Govt Employees Retire Poor. by Boyhood: 2:45pm On Jun 10, 2023 |
Love800: 1. With the new contributory pension scheme, Yes pension has an expiry date. 15 years after retirement, it will be expected that you have collected all the funds saved on your behalf in the pension scheme. 2. You can only collect 25% of your contributed pension fund in one bulk only after 4 months of being without a job. and the remaining 75% you will collect monthly after retirement 3. With the contributory pension scheme, your employer/government takes 8% from your salary and put in pension for you and your employer the (government/private) also contribute 10% of your salary for you in your pension that means both you and the government contributes . 4. Yes people collect even lower than 20k since the pension you get is dependent on how much you/your employers contributed when you were still working. So if an oil worker who collects good salary contributes good amount into his pension account, he will receive good pay as pension when he finally retires. And if an LGA staff who gets paid barely 30k monthly contributes about 5,400 or less monthly into his pension account will definitely get meager pension when he finally retire. Mind you some tiers of government especially state governments usually default in paying their part of the pension contributions and sometimes even when they deducted your 8% they still won't remit it to your pension account and at the end of the day you see people not getting any pension after retirement 1 Like 2 Shares |
Re: Why Do Many Govt Employees Retire Poor. by vickydevoka(m): 2:52pm On Jun 10, 2023 |
Felixv: |
Re: Why Do Many Govt Employees Retire Poor. by Hanndye: 3:00pm On Jun 10, 2023 |
What do govt employees do? Bunch of bench/seat warmers. |
Re: Why Do Many Govt Employees Retire Poor. by Christistruth03: 3:09pm On Jun 10, 2023 |
MrBrownJay1: if you are in the Government dept. dealing with Agriculture or Construction you can do extremely well have you ever wondered why retired Presidents and Generals in Nigeria often take up Agriculture in a big way like Obasanjo and Jonathan it is very Lucrative if you have the right technical knowledge |
Re: Why Do Many Govt Employees Retire Poor. by MrBrownJay1(m): 3:11pm On Jun 10, 2023 |
Christistruth03: after stealing lands by the millions of acre, no wonder so many ex president go into Agric/consruction biz. |
Re: Why Do Many Govt Employees Retire Poor. by aku626(m): 3:18pm On Jun 10, 2023 |
Salaries don’t make people rich to add to that they’re paid poorly, they don’t have a good plan, some of them are cursed. 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by dododawa1: 3:22pm On Jun 10, 2023 |
Most money govt worker making are BRIBE,and EVIL MONEY. Righteous money last. |
Re: Why Do Many Govt Employees Retire Poor. by TollinsN: 3:23pm On Jun 10, 2023 |
Most of them made the mistake of being allowing themselves to be lured into BANK LOANS. At the back of the loan bond. The agreements stated will say at (for example 8%) , but subjected to existing interest rate thereafter. These things are so tiny such that you will be highly tempted to ignore it. Then once signed and submitted. It's binding. Once the salary had been mortgaged. You will be happy you are enjoying especially for having access to loans. At the end of the day, you will realise that the bank had been enjoying 2/5 of your salary |
Re: Why Do Many Govt Employees Retire Poor. by LOVEGINO(m): 3:30pm On Jun 10, 2023 |
Wodu89:aswear |
Re: Why Do Many Govt Employees Retire Poor. by OtuologyProf(m): 3:31pm On Jun 10, 2023 |
ultimateprof: Exactly, how can you earn a little above 100k and you pay 400 k house rent plus transportation and other bills. What type of magic will make you rich? This is someone that has a house and land in his village oh. I'm beginning to think it's mental illness 2 Likes |
Re: Why Do Many Govt Employees Retire Poor. by NECO1998: 3:44pm On Jun 10, 2023 |
It's due to: 1. Lack of proper planning 2. Too many unnessesary loans 3. Too much love for fashion 4. Everyday beer parlour 5. Living above your income 6. Fake life, and many more 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by mastermaestro(m): 3:45pm On Jun 10, 2023 |
Most of you are shouting 'poor planning' , 'they are lazy' , depending on 'single income' and other nonsensical insults. Is this the same reason why more than 70% of Nigerians are also poor? Those of you shouting private business up and and down, how many private business owners are doing well? How many privately employed Nigerians live above poverty? The real issues here are poor pay, delayed gratuity, irregular pension, skyrocketing inflation, nonexistent public health scheme, lack of welfare support for children and the elderly. All of these are traceable to bad governance. People doing fraud and be screaming side hustle. Nonsense! ![]() 8 Likes 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by osobase01(m): 3:50pm On Jun 10, 2023 |
Hamachi: Stale which one is wasteful years dem no fit build parlor and kitchen for upstairs for am so the upstairs go dey comfortable for him even kitchen can be installed and everything will be well planned 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by Felixv: 4:02pm On Jun 10, 2023 |
[quote author=vickydevoka post=123701416][/quote] if you are young with a decent education and earning a poor salary then you need to work on your side hustles ---invest time in making money 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by OtuologyProf(m): 4:05pm On Jun 10, 2023 |
mastermaestro: Odiegwu The issue here is unnecessary bills. When you stay rent free in your village, with almost zero cost of transportation, you can be rich by selling hot rice and beans in you truck at the market square, you don't even need a shop. |
Re: Why Do Many Govt Employees Retire Poor. by occfx: 4:12pm On Jun 10, 2023 |
Nice2023: It's a lazy man work since wether you work or not, you get paid. So the lazy ones remains there without any attempt to better there lives. 1 Like 1 Share |
Re: Why Do Many Govt Employees Retire Poor. by Pakman: 4:36pm On Jun 10, 2023 |
The Matrix will remain till the end of this world because some people are happy to remain in the matrix. Only those who break the RULES of the matrix will rise to the top. |
Re: Why Do Many Govt Employees Retire Poor. by Charly68: 4:49pm On Jun 10, 2023 |
How much is their salary ? Even when they retire Govt won't pay their pension on time 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by Christistruth03: 5:00pm On Jun 10, 2023 |
MrBrownJay1: without Stealing Land you can do very well in Agriculture But you will need to rent the Land |
Re: Why Do Many Govt Employees Retire Poor. by MrBrownJay1(m): 5:17pm On Jun 10, 2023 |
Christistruth03: yes you definitely can...but the issue IS: if these ex-president went into politics with NO LAND, and suddenly leave with millions of acres of lands, what would you want them to do with it (if not agric/construction)?!' 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 5:35pm On Jun 10, 2023 |
solmusdesigns: Exactly! Most of the salaries are just to meet month-to-month bills with little savings especially for state workers. |
Re: Why Do Many Govt Employees Retire Poor. by IbeOkehie: 5:36pm On Jun 10, 2023 |
Hamachi: Well this is why I'm strongly against going back to Nigeria or Africa to retire. It's a losing and dangerous proposition for MOST people. Emphasis on MOST, not all. Many, many rich Nigerians in their 50's or who have retired are now moving to the USA and UK to retire, not hearsay, I know several of them right here where I live. So why would an average middle class person of whatever age move to Nigeria? ![]() IbeOkehie: My mother was a civil servant in Nigeria and qualified for full retirement. She and most of her colleagues have rarely collected their pension. I brought her to the USA, she entered the workforce and put in 18 years and now draws a solid retirement. My mother in law who lives with me, she worked for a PRIVATE COMPANY in Nigeria, qualified for pension and it was never paid. It's not just her, there's MANY older Nigerians and other 3rd World immigrants like that, so much so that the NY Times even wrote an article about it. Rich older people in Nigeria or those that have rich children abroad also tend to become targets for those who want free money....thieves, con men and unscrupulous relatives. How can I be the only person who knows all this? There's NOTHING to be gained from investing in Nigeria, whether for current profits or preparing a retirement. Even the social benefits have drastically diminished in the past decade or so. I know the usual ANONYMOUS commentators here will give us examples of this and that person living happily in Nigeria, but until I see REAL NAMES, I'm not giving them any credence. So why would a sane average person ever move to Nigeria? I've shared my views here, no need to repeat much. IbeOkehie: Those who think Nigeria is paradise, you're welcome to it. I'm LIKELY to retire right here in the USA, in my home. 1 Like |
Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 5:50pm On Jun 10, 2023 |
Nazgul: You can say that again! |
Re: Why Do Many Govt Employees Retire Poor. by yemi1504: 5:52pm On Jun 10, 2023 |
NoToPile: The Federal ones are paid well but as getting the job is through expensive slots, not everyone will be lucky. |
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