Impact of Implementation Practices of the Retirement Policy 2004 and Academic Staff Attrition in Selected Tertiary Institutions in Adamawa State, Nigeria

ABSTRACT The aim of the study was to investigate the perceptions of academic staff on the impacts of the objectives of retirement policy 2004 on academic staff attrition in tertiary institutions in Adamawa State, Nigeria. The specific objectives of this Study were to determine the impact of the amount and process of retirement benefit; Lack of uniform rules and enhancement of individual savings on academic staff attrition in tertiary institutions, to assess the effect of growth of pension liabilities on academic staff attrition in tertiary institutions and to determine the relationship between retirement policy 2004 and academic staff attrition in tertiary institutions in Adamawa sate, Nigeria. The study used the descriptive survey design with mixed method (Triangulation) research approach underpinned by pragmatism philosophy. The population consisted of all academic staff from three selected tertiary institutions, their pension managers, and heads of the institutions. Both probability and non-probability sampling methods of purposive and simple random sampling were used for collecting the relevant data for this study. The study was guided by a three component model conceptual framework comprising of retirement policy 2004 factors (objectives) as the independent variables, academic staff attrition as the dependent variable and mediating variable comprising of internal and external factors. The finding indicated that there was a significant relationship between retirement policy 2004 and academic staff attrition in tertiary institutions in Adamawa sate, Nigeria. The study concluded that the retirement policy 2004 has failed to yield the desired results and it is contributing to the massive academic staff attrition and retirement from the tertiary institutions in the state. The study recommended for the increase in the amount of retirement benefits through increase in contribution by increasing academic staff pay package, and the process of payment should be simplified through removing unnecessary bottle necks and the establishment of PENCOM offices in all the 36 states; the federal government should establish a unified rules, regulations and standards across board and ensure that PENCON is solely responsible for the administration of the retirement policy; federal government to as a matter of urgency ensures the increase and implementation of the take–home salary package which will enable the academic staff to save more for their retirement. Finally, the study recommended for a three component model of public, private and trade union partnership for effective and efficient management of retirement policy to minimise academic staff attrition.