Home Project-material DEVELOPMENT OF COMPUTERIZED TEACHER PENSION VERIFICATION SYSTEM FOR ANAMBRA STATE PENSION BOARD

DEVELOPMENT OF COMPUTERIZED TEACHER PENSION VERIFICATION SYSTEM FOR ANAMBRA STATE PENSION BOARD

Dept: COMPUTER SCIENCE File: Word(doc) Chapters: 1-5 Views: 33

Abstract

Pension is an arrangement of providing people with an income when they are no longer earning a regular income from employment. In general, the common use of the term pension was to describe the payments a person receives upon retirement, usually under pre-determined legal and/or contractual terms. The major objective of this research was to develop a system that can provide a pension verification platform where teachers’ remittance can be made on an agreed time interval and also to keep the records and reports of staff for easy retrieval with increased data security. As a result of the researcher’s motive to develop a computerized teacher pension verification system, the researcher adopted Object-Oriented Analysis and Design (OOAD) Methodology because it was an online application. Data collection method used in gathering the necessary information were journals, textbooks and other secondary data. The system was successfully developed and integrated. System testing were conducted t

CHAPTER ONE

INTRODUCTION

1.1   Background of the Study

According to Abromovitz, (2013) pension is an arrangement of providing people with an income when they are no longer earning a regular income from employment. However, pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum. The terms retirement plan or superannuation refers to a pension granted upon retirement (Abromovitz, 2013).

Retirement plans may be set up by employers, insurance companies, the government or other institutions such as employer associations or trade unions. Retirement pension is referred to as retirement plans in the United States, as pension schemes in the United Kingdom and Ireland but in Nigeria, it is popularly known to as pension. Retirement pensions are typically in the form of a guaranteed life annuity, thus insuring against the risk of longevity. In general, the common use of the term pension is to describe the payments a person receives upon retirement, usually under pre-determined legal and/or contractual terms. A recipient of a retirement pension is known as a pensioner or retiree. Pension fund is any plan, fund, or scheme which provides retirement income (Casey, 2008).

 

The management (verification) of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the colonial masters to provide income and security for old age British citizens working in Nigeria upon retirement as a post-retirement benefit to employees. In the view of Adesina, (2016), Nigeria’s legislative instrument on pension matters was the pension ordinance of 1951 which had retrospective effect from 1st January, 1946. In 1961, National Provident fund (NPF) scheme was established with the legislation to address pension matters in private organizations.

The Anambra state pension board are to an extent manually operated. The manual method of pension verification maintains or keeps records in a filing cabinet about each employee/pensioner that is registered with a Pension Fund Administrator (PFA). When an employee decides to open an account with a PFA for the purpose of retirement savings, the former (pensioner) has to go to the physical location of the PFA to obtain and fill a registration form. Upon returning the form, the PFA clerk opens a file for the employee where the filled form and other vital documents as required or that relate to the employee are stored. The file is then passed on to the next PFA personnel to verify the employee’s registration which may take some days if not weeks as the case may be. Using the manual method, the employee is unaware of his/her account balance except if he visits the PFA’s office. So, in case of financial impropriety in the employee’s account, there is no way he/she can track this. In the manual method, it is a bit cumbersome for the PFA to maintain an up-to-date record of employees/pensioners. When an employee switches job or changes location probably from one state to another, it takes time before these changes can be effected in the employee’s record.

A computerized teacher pension verification system is a system designed to manage pension activities both on the customers and Pension Fund Administrators (PFA) ends. The pension verification activities on the part of PFAs include regular update of customer’s information, crediting of customer’s account if the customer is retired, etc. while customer’s activities include checking their balance online, making enquiries by sending mails, etc.



Recent Project Materials

Abstract This research studies conflict management in Anambra state. a study of Umuleri and Aguleri conflict...
Word(doc) 1-5 18 Read More
Abstract The study Retirement policy and the problem of implementation in Nigerian public sector was aimed a...
Word(doc) 1-5 25 Read More
Abstract Some elections showed a decline in the performance of women and this is very troubling given the gr...
Word(doc) 1-5 7 Read More
Abstract This study focused on service quality dimensions and customer satisfaction of banking service deliv...
Word(doc) 1-5 2 Read More
Abstract This paper compares and examines the performance of secondary school students who were candidates i...
Word(doc) 1-5 28 Read More
Abstract ABSTRACT This study investigated the factors influencing consumer buying behavior on house hold pr...
Word(doc) 1-5 100 Read More
View More Topics