IMPACT OF STATUTORY RETIREMENT AGE ON YOUTH UNEMPLOYMENT IN KWARA STATE, NIGERIA
DOI:
https://doi.org/10.14738/abr.51.2635Abstract
Youth unemployment is a pressing problem in both the advanced and developing countries
of this world of which Nigeria is not an exception. More worrisome is the few research works linking Statutory Retirement Age (SRA) to youth unemployment. However, to add to the growing concern on the subject matter, the current study empirically examines the impact of statutory retirement age on youth unemployment rate in Kwara State. The study used simple random sampling technique to select a sample size of 390 civil servants from Kwara State Civil Service Commission (KWCSC). It also interviewed a focus group of graduates undergoing the One-Year program of the Kwara Bridge Empowerment Scheme (KWABES). Data obtained were presented using both descriptive and inferential statistics of simple percentage. Regression Analytical tool was used to test the hypotheses formulated for the study. The results indicate that the variability changes in the rate of youth unemployment could be accounted for by approximately 84.3% of increase in statutory retirement age. Also, the variability changes in the level of job creation opportunities could be accounted for by approximately 63.2% of factors related to statutory retirement age This established that increase in statutory retirement age have effect of increasing youth unemployment and the level of job creation depends on factors that are related to SRA. Base on this conclusions, it was recommended that the KWCSC should focus on strict implementation of SRA policies and Programmes and by this, the state government can deal decisively with the problems of youth unemployment through the Statutory Retirement Age.
Keywords: Statutory, Retirement, Youth, unemployment, Kwara, Nigeria
References
Agbaegbu, T. (2011, January 31). Why Unemployment is High in Nigeria. Newswatch
Magazine.P. 18-20.
Akaeze, A. (2011, January 31). Their Dreams, Their Frustrations. For millions of Nigeria
Youths, Paid employment remains a pipe dream many years after graduation.
Newswatch Magazine. P. 17-21.
Asaju, K. et al, (2014). The Efficacy of Fiscal Policy in promoting Economic Growth and
Poverty Reduction in Nigeria.Research in World Economy, 5(1): 33-44.
Atchley, R. C. (1985).The Social Forces in Later Life. (4th ed.). Belmont, C.A:
Wardsworth.Publishing.
Attwell, P.& Rule, J. B. (2014): Survey and Other Methodologies Applied to IT impact
Research: Experience from a competitive study of Business Computing. A journal
OfManagement Information System Special Section. 10(2), 75-105. Retrieved on
from http://dl.acm.org/citation.cfm
Awosusi, O. &Jegede, A. O. (2010).Sustenance of Food Production and Food Security in
Ekiti State, Nigeria.International Journal on Food and Agriculture Research. 7(1),
-21.
Bloom, D. &David C, (2007).A Theory of Retirement.NBER: Working Paper. No.
W13630. Retrieved from
Bolarin, V. W. (1998).Counselling for Retirement.The Counsellor, 16(1). Retrieved from
http:/eujournal.org/index.php/esj
Bosworth, B. & Gary, B. (2010). Recessions, Wealth Destruction and the Timing of
retirement:Centre For Retirement Research, Boston College, Working Paper.
(Revised October, 2011). Retrieved from http://Crr.bc.edu/…/2010
Bukoye, R. O. (2005). Problems Associated with Retirement Among Retiring Civil Servants.
The Counsellor, 21(6), 207-217.
David, B.&Michael, M. (2004).The Effect of Improvements in Health and Longevity on
Optimal Retirement and Saving.National Bureau of Economic Research, Working
Paper.DOI-10.3386/w. 10919.
David F. R. (2011). The Rate of Changes of Wages Against Unemployment. Retrieved from
Ekah, T.(1987).Making Retirement Comfortable for Army Personnel. Ibadan, Tiger
Publishers. Retrieved from http://eujournal.org/index.php/esj/article
Feldstein, M. S. (1985).The Optimal Level of Social Security Benefits.Quarterly Journal of
Economics, 10(2), 303–320.
Gruber, J & David,A. W. (1999): Social Security and Retirement around the World.
University of Chicago Press. 99(1), 1-35. Retrieval from
http://www.nber.org/chapters/c7247
Hackman, J & Oldham, G. R. (1976).Motivation through the Design of Work: Test of a
theory: Organisation behaviour and Human Performance, 16(2), 250-279.
Hubbard, G. & Judd, K. L. (1976). Social Security and Individual Welfare: Precautionary
saving, Borrowing Constraints and the Payroll Tax. The American Economic
Review, 77(4), 630-646.
International Labour Organisation (2012). Global employment trends for youth 2012.
Retrieved from http://www.ilo.org/wcmsp5/groups/public/...dgreports/---/wcms-
IZA World of Labour (2014): Global Expert Discuss Aid, Youth unemployment and
Minimum Wages.Weiner Eichharist. Retrieved from http://www.newsroom.iza.org
Jackman, R.& Roper, S. (1987).Structural Unemployment.Oxford Bulletin of
Economics and Statistics, 49 (1), 9-36.
Janson, B & Grubbs, R. M. (2010).Modern Retirement Theory.Journal of Human Resource,
(2), 354-372.
Kerkoff, A. C. (1996).Family Patterns and Morale in Retirement in Ida Simpson and John.
The Journal of Gerontology,60(5), 219-231. Retrieved from
http://roa.sagepub.com/content/19/3/251.citation.
Kolade-Otitoju, B. (2009, June 29). President UmaruYar’Adua’s Mid-term report card is a
mix of broken promises and outright failures.The News.P.7-9.
Layard, R. et al (1991).Modern Macroeconomics: Its Origins, Development and Current
State. (5thed.). New York, NY: York Publishing.
Lewis, W. A. (2003). The Theory of Economic Growth: (30th ed.). 453 pgs. London, Eng:
World Bank.
Manion, V.U.(1976). Pre-retirement Counselling: The Personal and Guidance Journal, 55
(3), 119-121.
Mouhammed, A. H. (2011). Veblen’ Important Theories of Unemployment and Public
Policies: Journal of Institutional and Theoretical Economics, 155(4), 594-609.
Ndifon, X. (2009, December 15).The problem of Unemployment in Nigeria.Fountain
Magazine.P. 15-17.
Obadan, M. &Odusola, A. F. (1999). Savings Investment and Growth Connections in
Nigeria: Empirical Evidence and Policy Implication. A journal of NCEMA Policy
Analysis Series. 1(2), 20-26. Retrieved from http://www.cbn.gov.ng/OUT.
Ogidan, R.J. (2005). Across Ethnic Study of Attitudes Adjustment Needs and Support
Systems of Retired Nigeria Federal Civil Servants.Unpublished Ph.D. ThesisOndo
State University, Ado-Ekiti, Nigeria. Retrieved: http://eujournal.org/index.php/esj/
Ogunmade, O. (2013, June 19).$600bn Stolen by Nigerian Elite since independence.
ThisDay Newspaper. P. 2.
Okigbo, P. N. (2010), Theoretical and Methodological Issues Relating to Unemployment and
Underemployment in Nigeria. Journal of Nigerian Economic Society, 5(2), 13-17.
Omoresemi, A. A. (1987).Retirement Challenges and Sustainable Development in Nigeria.
An European Journal of Business and Management, 6(39), 94-98.
Osuala, E. C. (1985). Retirement Counselling is Necessary. Nigerian Statement, P. 8-17.
Piguo, A. C. (2007). The Theory of Unemployment. (5thed.).London: Macmillan: 314pgs.
Samuel, A. (2011). The Democratic Challenges in Nigeria and The steps toward achieving
the Vision 20:20:20. Kubani Journal of Arts and Social Sciences, 1(1): 14-22.
Scholte J. (2011). NHS Pension Scheme: Incorporating The NHS Compensation for
Premature Retirement Scheme Accounts 2010-2011. London. The Station.
Retrieved from http://www.nhsbsa.nhs.uk ID- 244171013620.
Skinner, B. (1988).Unemployment Insurance and Precautionary Savings. NBER Working
Paper 3-95. 5252. Retrieved from http://www.sciencedirect.com/science/article/B6
Solow, R.& Ian, M. M. (1981).Wages and Employment in a Segmented Labour Market.
Oxford Journals of Economics, 100(4), 1115-1141.
Staubli, S. &Zweimuller J. (2011). “Does Raising the Retirement age Increase Employment
of Older Workers?. University of Zurich, 20(1), 1-46 Retrieved from
Staubli, S. etal(2013).Extended Unemployment and Early Retirement: Program
Complementarity and Program Substitution.Journal of Research in Labour
Economics, 39(1), 219-258.
Sweezy, P. (1934). Professor Piguo’sTheory of Unemployment. Journal of Economic
History, 7(2), 800-811.
Tighisti, A. (2014, July 11). Africa’s High Youth Unemployment: is population to blame?.
The Guardian Newspaper.P. 2. Retrieved from www.theguardian.com/.../africa-
youth
