Accounting for Pension and Gratuity in Public Sector
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Abstract on Accounting for Pension and Gratuity in Public Sector
This study focus on the accounting for pension and gratuity in public sector. A vivid study of Enugu state civil service. The study is trying to look into how the problem of Governmental unit in Nigeria in paying retirement benefits can be solved. The processing and payment of such benefits in the public sector is also the recognition that this situation is not going to be an easy one hence it requires immediate and concerted effort aimed at reappraising the accounting practice involved in pension and gratuity administration focus that this will ensure a prompt disbursement of retirement benefit. The researcher constructed some review of related literature using journal articles, the historical review of accounting, pension and nature of pension and gratuity were been explained extensively. Data were been obtained through questionnaire distribution while oral interview were conducted in cases where the use of questionnaire were administered to scheduled and professional offices drawn from the auditors, General office, as well as the training and pension bureau. Analysis was done through simple percentage technique and the findings were responsible for the report in accounting practices. These includes documentation of essential service history, falsification of words ignorance and overlapping of function etc.
Chapter One of Accounting for Pension and Gratuity in Public Sector
Pension and gratuity is commitment represent an agreement in which the employer promises to make periodic. Payment or allowance to an individual because of length service or when certain conditions like age.
A pension plan is a contract between the company and its employees under which the company agrees to pay benefit to employees after their retirement. The government management, exports, shareholders and other users of accounting information are in desperate need to ascertain whether funds are utilized in compliance with approved accounting standard and government established financial control mechanism. Moreover there has been frequent case of exchange of public fund, non-adherence to accounting principle as regards pension fund administration especially in the public sector.
In addition, in the public sector the funding of pension and gratuity schemes is done by the federal government of the federation. It is in line with the foregoing that this research becomes necessary to make ensuring into the remote cause of delay in the payment of retirement benefit in the remove the various measure by which pension and gratuity benefit are accounted for the bureaucracy involved in pension fund to peruse through the general theory of pension and gratuity.
Background of the study
Pension and gratuity commitment made b employers to employees are common characteristics of modern employment agreement. This commitment represents an agreement in which the employer promises to make periodic payment or allowance to an individual because of some meritorious work or when certain conditions such as age, length services etc.
Infact, the quest for accountability in both the private and pubic sectors have really increased the drive for more graphic information about organization. A pension plan is a contract between the company and its employees under which the company agrees to pay benefit to employees after their, experts and other users of accounting information are in desperate need to ascertain whether funds are utilized in compliance with approved financial control mechanism. Besides there has been frequent case of mis-appropriation of public fund, non-adherence to accounting principles as regards pension fund administration especially in the public sector.
Nevertheless, in the public sector the funding of pension and gratuity schemes is done by the federal government of federation that it is an exclusive preserve of the federal government; government means that it is derived from statue as pension decree 102 of 1979, pension right of decree 1985.
This scheme is provided on the pay-as-you-go basis paid through the intermediaries of the federal government. The state and local government councils respectively from the foregoing, it is absolute crystal that as soon as one I gainful employed on pensionable post pension allowance and gratuity becomes a must as one will book up for it is the end of ones services period.
Consequently, much appealing as the above sound it’s operation in the public sector is not without criticism. The plague being that retirement benefits are not often provides promptly to service the deserved purposes. Infact it was a result of this problem that the government decided to decentralized payment of gratuities.
Nothing can be more frustrating to a retire than after putting in several years in service he is faced with delegated payment of his benefit of course, there is no justification whatsoever to explain the procastination since it does not keep pace with the rate of inflation or the standard of living of the retiree or even his children’s expenses.
Derogatively, it is in line with the foregoing that the remote cause of delay in the payment of retirement research to unveil the various measure by which pension and gratuity benefit are accounted for the bureaucracy involve in pension fund and to peruse through the general theory of pension and gratuities, organization of pension decree of 1979 and the ministers and extra ministerial department involved in the disbursement of retiree but also to the pension best/schedule officers of day who will be the retirees of tomorrows. The study will also be of benefit to the federal, state and local government who have been and still remains the largest employers of labour.
Statement of the problems
1. It is convectional statement that problem occurs in all facts of human endevour including organization. Hence, accounting for pension and gratuity in the public sector has been great causes of concern to many people even the authorities who shoulder the responsibilities of payment of retirement benefit.
2. Hitherto, pension and gratuity was paid in the office of establishment and management services. But the diverse compliant of delay in the processing and its eventual disbursement, it was through that problem.
3. Below will be he most crystal problem in pension and gratuity in the public sector, what strategies could be employed to relax the bureaucratic administrative procedure in the civil services.
4. What measure should be adapted to ensure adequate up to data service particulars of retire.
5. What durable strategic options should be applied to all aviate the economic predicament of present day?
6. Financially what collaborative methodologies can be adopted in training civil servants and schedule officers a like in ways of handily and processing retirement papers?
Objectives of the study
The major objectives of this study are as thus:
i. To know who pension and gratuity are paid to.
ii. To examine the way pension and gratuity are being paid.
iii. To carryout the position of a retiree who is in depth to the government to his retirement.
iv. To examine the role of auditors in computations and payment of retirement benefits.
v. To know how long it takes someone to retire before pension will be paid to him or her.
i. Who are those pension and gratuity are paid to?
ii. How is pension and gratuity being paid?
iii. What is the position of a retiree who is in depth to the government to his retirement?
iv. What are the roles of auditors in computations and payment of retirement benefits?
v. How long does it take someone to retire before pension will be paid to him or her?
Scope of the study
The scope of the research work is limited to the problem involved in accounting for pension and gratuity benefits paid to retirees who either compulsorily or voluntarily retires from service in the public sector. It practically explo
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