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Full Project – Online pension and gratuity scheme

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CHAPTER ONE

1.0 INTRODUCTION

The computation process of pension and gratuity is vital part both to the retirees and the federal government in processing the pension and gratuity of staff base on their basic salary and allowances collected before retirement. Because it is the point when the retirees benefit are measure in monetary terms. In this case , department will result in the retirees receiving use than he/she c actually entitled to collect

Equally, over payment of the pension or gratuity will result in the loss of funds to government.

It is demonstrated that pension and gratuity in Nigeria has some information like the staff reference number when The staff assume service, name of staff, age, next of kin, scale of salary registration date and some others. All these has serve and study carefully by the auditing personnel to make sure has serve for the benefit and to make sure he/her have not been having problem with management or having been retire o force basis (disobedient).

Therefore, the scale of salary is being computed and the cost salary earn is known and some other allowances being paid is computed to generate the staff benefit.

1.1 STATEMENT OF THE PROBLEM

Gratuity and pension of retired worker in many public sector or private organization is not paid on time or not paid at all, because manual means is used to compute it, this leads to:

Lack of proper documentation
Insecurity of files
The result produce its not accurate
The existing system is not economically justified

The existing system is prone to error and error correction techniques performed below standard.

1.2 SIGNIFICANCE OF THE STUDY

This project work is vital in that the output of the research will help
the pension scheme to have fast access to information. The relevancy
of this study to the pension scheme management is to update their
records and to allow them to have information that is accurate. The significance of this study to the pensioners in ease interaction between the pension board and pensioners.

1.3 RESEARCH METHODOLOGY

The project work aim to understand and proffer solution to the major draw backs of retire benefit computation, therefore, the needed information is source out from Kaduna State pension board through oral interview and related document reviewed. The audit officer in the record processing and keeping section gave me the data used in calculating retirees benefit and requirements for benefit entitlement. At the end, the director of the board which i interviewed made interpretation of those materials. Thus, visual basic programming language will be used to develop application software for computing pension and gratuity to enhance user friendly and faster processing system.

1.4 BACKGROUND OF THE PROJECT

Pension and gratuity computation is the plans, procedure and legal process of securing and setting aside fund to meet the social obligation of care which employers owe their employees retirement or case of death and disability. Therefore, pension and gratuity is the benefit that is paid to any public or some private workers at the end of stipulated period of time, This helps the employees to provide a standard of living which is reasonably consistent with that they enjoy while in service.

Public sector required a worker to work for 35 years before retirement date will be due, then he or she can be paid gratuity and pension. But if a staff did not service up to 10 years he cannot collect pension, only gratuity is paid to such staff.

The pension scheme is African context n some years back was to provide a reciprocal situation where the young age is been talking care of and provide and necessary education in anticipation so that, they would take the responsibility of their elder one at their old age. However, some from of pension scheme had been established since the existence of human race, although its development in modern terms appears to be slow. This kind of pension scheme involves joint contribution by the employers and the employees to meet the social’ obligation by the care which the employers owe employees on retirement or in case of the death and disability.

This form of pension scheme continue until and employers realized that they may not be able to generate the needed revenue in future to meet their pension obligation 100% under the PAYG (pay as you go) unfunded non contribution scheme, then partnership arrangement with the employees to make contribution to a pension scheme in order to guarantee pension payment to employees on retirement. This scheme gives the employees an assurance that pension will be paid in future.

1.5 AIMS AND OBJECTIVES OF THE PROJECT

This project work is to develop application software to be use in computing the gratuity and pension as it tend:

To look into the medium use in computing gratuity, pension and detect the possible problem associated with it and. device a means to overcome this problem.
To computerized the manual method of calculating the gratuity and pension, so as to make the process faster to enable retirees collect their money as at when due.
To produce efficient and effective computerized method of calculating benefit to reduce stress undergone by the audit officers.
6 SCOPE AND LIMITATION OF THE STUDY

The scope of this project work covered the whole Nigeria in land
mass.

It application is only toward the payment of pension and gratuity
through the internet.

Although the study is limited to Kaduna state pension board. It application have to be adopted by the National pension board in Abuja, for smooth running and to avoid data redundancy.

It limitation is that other states with law civilization or information technology know how would not find this idea or fact useful.

1.7 DEFINITION OF TERMS

Gratuity: Means the single lump sum payment to a member when his/her membership has terminated, receivable from the government agency to which he/she belongs.

Pension: Means the money which is paid to a member on a monthly basis when the member’s membership has terminated. It is received from the government agency to which the member belongs.

Requesting Gratuity: Means the single Jump sum payment to the lairs in case of death of a member of a pensioner.

Compensation: Means the money which is paid by the state to a member at the rate of 2 percent of each months salary on the condition that the member will receive the compensation money upon leaving government service and choosing to receive the pension.

Defined Benefit: Is the money which is receivable the pension. It is a define amount according to the prescribed forum due the job in accordance with the government officials’ pay-as-you-go system.

Government term of service: Means the period commencing from the date on which a member serves as an official until the last day of his/her service pursuant to the criteria and procedures and also includes the period of double official term under the law of officials’ gratuity and pension.

Provident fund: Is a type saving which the employees and the employer must remit into the fund with the objective of serving as guarantee and welfare benefits for the employees after retirement.

Audit Committee: Is the committee to provide advice and support and behalf of the board of directors of the government pension fund to audit financial data, the internal audit system, the internal audit process and to direct and supervise the operations of government pension fund.

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