Determinants of Retirement Policies and Employee Commitment: Lesson from Selected Public Universities in Southwestern Nigeria.

Abstract

Based on the literature, debates among stakeholders have centered on calls for changes in retirement policies, challenges in their implementation, and their impact on employee commitment. The extent to which retirement policies influence both academic and non[1]academic staff commitment has not been well explored in Nigeria's higher education institutions, making it a significant area of study in the context of educational reforms aimed at sustainable development and nation-building. This study, therefore, examined the retirement policy determinant variables and how it influence staff commitment in selected public universities in Southwestern Nigeria. This research employed a descriptive survey design and multistage sampling, data was collected from 380 staff members across twelve public universities in Southwestern Nigeria. A combination of purposive, stratified, and convenience sampling techniques was applied. Data analysis involved both descriptive statistics (percentages and frequencies) and inferential statistics (ANOVA). The findings show that key components of retirement policy such as staff health insurance, bonus schemes, institutional practices, work-life balance, and the legal framework constitute major factors influencing staff commitment, with a significant impact across the universities. Results reveal statistically significant differences in retirement policy components between universities (p-value < 0.0001), and 85% of respondents reported consistent application of retirement policies. The study concluded that variables such as staff health insurance, bonus schemes, institutional practices, work-life balance, and the legal framework are key determinants of effective retirement policies and crucial for enhancing staff well-being and commitment in Nigerian public universities. Furthermore, the study revealed that there is uniformity in the rules, regulations, and standards of retirement policies available to staff in the selected public universities in Southwestern Nigeria. It is recommended that policymakers in public universities should conduct a comprehensive evaluation of retirement policies and foster effective communication with stakeholders to ensure the standardization of policy. These actions will foster greater staff motivation and contribute to the sustainable development of the academic sector