EKSU Don Seeks Urgent Pension Reforms, Early Retirement Planning

“Gbenga Sodeinde in Ado Ekiti A Professor of Industrial Sociology at Ekiti State University, Prof. Lukman Adesida, has called for urgent reforms of Nigeria’s pension system and a renewed focus on retirement planning to address the growing challenges confronting retirees. Adesida stated this while delivering the university’s 106th inaugural lecture titled, ‘Skin Trade, Sociological Imagination and Life Scripts: The Paradox in the Triad of Work, Retirement and Pension’. He argued that retirement should not be regarded as the end of productive life, but as a crucial stage of human development that requires deliberate preparation and institutional support. According to the professor, many workers approach retirement ill-prepared, often grappling with identity crises, financial uncertainty and social isolation after exiting active service. He noted that retirement does not automatically translate into a fulfilling life, stressing that successful ageing depends largely on personal preparation, family support and responsive social institutions. Adesida maintained that retirement planning should commence from the first day of employment, warning that workers who fail to prepare adequately for life after work risk becoming “tired of life” rather than merely retired. “The day you receive your employment letter is the same day your retirement process begins,” he said, urging workers to adopt long-term financial and social plans early in their careers. He also drew attention to demographic projections indicating a rapidly expanding elderly population worldwide, particularly in developing countries, a trend he said requires urgent attention to pension administration, healthcare delivery and social welfare systems. He called on government at all levels to strengthen pension management and ensure that reforms are designed to protect both current and future retirees. According to him, pension systems must be founded on trust, transparency and a firm commitment to fulfilling obligations owed to workers after years of service. Adesida stressed that any reform agenda should adequately protect contributors, safeguard retirement benefits and inspire confidence among younger workers who are increasingly concerned about the sustainability of pension schemes. He further advocated increased public awareness on retirement issues, greater youth engagement and policies capable of stimulating economic growth to support long-term pension obligations. The don also advised Nigerians to create multiple streams of income rather than relying solely on salaried employment, describing personal economic diversification as a critical strategy for retirement security. He emphasized the need for broad consultation among governments, labour unions, employers and pension administrators before implementing major reforms. Reflecting on the realities of ageing, Adesida observed that retirees are often undervalued despite their continued contributions to society. He maintained that retirement should never diminish a person’s dignity, noting that academic, professional and personal accomplishments retain enduring value beyond active service. The scholar added that societies that plan effectively for retirement are better positioned to guarantee dignity, security and wellbeing for their ageing populations. He therefore urged policymakers, employers and workers to view retirement as a lifelong process that requires deliberate preparation, supportive institutions and sustainable pension policies. EKSU Vice-Chancellor, Prof. Ayodele Babatola, described the presentation as insightful and thought-provoking. He said that the lecture provided a comprehensive examination of the sociological dimensions of retirement and pensions, while underscoring the importance of preparing for life after active employment. He commended Adesida for his research and practical recommendations, adding that EKSU remains committed to the prompt payment of retirees’ entitlements and to ensuring a seamless transition for staff into retirement. “The university has consistently prioritized the welfare of its retirees and will continue to support policies that make retirement more rewarding and dignified,” he said.

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