Private Sectors Vs Government Sectors: Who Provide Better Pension Rates?

Good-Guy

VIP Contributor
I believe that there are many people who are currently relying on pensions in order to live life because at an elderly age they have no other choice but to survive on pension. Not all the elderly people have the resources of starting their own businesses. This is because there are many people who spent their entire life working jobs and they never start their own businesses in their lives. When it comes to pension there are many governmental organizations as well as various private organizations that provide pensions, but I am curious about which sectors offers better pension rates to their retired employees? In my country, the condition of the governmental organizations is too poor, so I do not think that they could offer better pension rates. What about your country? Which sector is much better in terms of pension?
 

Kingsley

Valued Contributor
When considering the answers to this question we will have to look at the type of country, their economic structure, the strength of the economy. Now if I should use my country here in west Africa (Nigeria) as a case study, first the country is severely broke and pensioners are suffering because if those that are working are not been paid adequately let alone the pensioners, many of the pensioners are been owed months of their due payments. So in that regards I would say pension under the governmental structure is worse off while that of private structure could be more preferred.
 
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Good-Guy

Good-Guy

VIP Contributor
When considering the answers to this question we will have to look at the type of country, their economic structure, the strength of the economy. Now if I should use my country here in west Africa (Nigeria) as a case study, first the country is severely broke and pensioners are suffering because if those that are working are not been paid adequately let alone the pensioners, many of the pensioners are been owed months of their due payments. So in that regards I would say pension under the governmental structure is worse off while that of private structure could be more preferred.

The situation of my country is also the same. There are many government employees who have been suffering and they have to wait for a long time to receive pension. The government is suffering from crisis and I think private sectors are performing much better and this is the reason why they are able to pay better pension rates as compared to the government. Do private sectors pay better rates in Nigeria?
 

General01

Verified member
I believe that there are many people who are currently relying on pensions in order to live life because at an elderly age they have no other choice but to survive on pension. Not all the elderly people have the resources of starting their own businesses. This is because there are many people who spent their entire life working jobs and they never start their own businesses in their lives. When it comes to pension there are many governmental organizations as well as various private organizations that provide pensions, but I am curious about which sectors offers better pension rates to their retired employees? In my country, the condition of the governmental organizations is too poor, so I do not think that they could offer better pension rates. What about your country? Which sector is much better in terms of pension?
That's exactly the case in my dear country
Nigeria,
It is very poor in terms of the amount and pay-time
And it's not all companies that offer the privilege of pension to their workers
 

xmbferreira

New member
I believe that there are many people who are currently relying on pensions in order to live life because at an elderly age they have no other choice but to survive on pension. Not all the elderly people have the resources of starting their own businesses. This is because there are many people who spent their entire life working jobs and they never start their own businesses in their lives. When it comes to pension there are many governmental organizations as well as various private organizations that provide pensions, but I am curious about which sectors offers better pension rates to their retired employees? In my country, the condition of the governmental organizations is too poor, so I do not think that they could offer better pension rates. What about your country? Which sector is much better in terms of pension?
I would suggest looking int diverse industries - stocks and bonds in international markets or put some into a crypto wallet
 

funmi

Valued Contributor
Obviously, in my country, government sectors pays better pension rates than their private counterparts. In fact, that is the major reason why many people struggle and try all their best to get a government job at any cost.
The only private sector that I know that pays their retirees are the big companies and oil companies too. In the sector where I work which is teaching profession, if you like spend 30years in their school and work very hard, when you want to retire they will just give you some amount of money as a disengagement money and nothing more than that.
I have a practical example in my school. A woman worked for my boss a cleaner for 24years in my school, in fact, she is the oldest staff in age and experience. She started falling sick at some point and she was diagnosed of chronic ulcer. She had no choice but to retire one day. After she retired, my boss gave her two hundred thousand naira(#200,000) in our country money and that was all.
Whereas, my boss new she was supposed to go for surgery. That is a practical example of how private sectors treat people who retired from their place of work.
 

Good luck

Valued Contributor
The difference between private and government sector is very wide.You can't compare both when it comes to finance Job security and retirement.You get all these from government job combined with other renumeration apart from major salary.You also work less in government establishment but the reverse is the case in private job.You work tirelessly getting stipends.
 
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