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A Comparative Analysis of the Implementation of the Defined Contributory Pension Scheme in Nigeria and Chile

Stephen Oluemi Obasa

The discourse on implementation of policy among scholars is increasing on daily basis. A lot of arguments and counter arguments were rooted in top-down, bottom-up and hybrid theories. The unprecedented challenges associated with the implementation trajectories cum defined contributory pension scheme have further posed a serious problem to countries adopting the new pension plan. The contemporary global debate about pension reforms is based mainly on the concern for the long-term financial viability of existing government operated pension systems. The recent global shift from the defined benefit to defined contributory plans has cut across different countries following the set-back in the former and the benefits associated with the latter scheme. Countries in Europe, North America, Latin America, Asia and Africa are now reforming their social security and pension systems following the success of the new scheme in Chile and other countries that earlier adopted it. The rationale behind this research is to investigate the success of the Chilean pension scheme; inquire how the defined contributory plans have enhanced the economic and social development of Chile; and compare analytically the relationship that exists between Nigeria and Chile in the course of implementing the scheme