EMPLOYMENT BENEFITS AND RETIREMENT BENEFIT PLANS: STRUCTURE, ACCOUNTING TREATMENT, AND COMPLIANCE IN LAGOS STATE SERVICE COMMISSION

Abstract

This study examined employment benefits and retirement benefit plans with emphasis on their structure, accounting treatment, and compliance in the Lagos State Service Commission. The study adopted a descriptive survey research design. The population comprised 220 employees of the Lagos State Service Commission, while a sample size of 142 respondents was selected using the Taro Yamane formula. Data were collected through a structured questionnaire. The findings revealed that the Commission provides a structured employment benefit package consisting of salaries, allowances, healthcare benefits, leave benefits, housing support, transportation benefits, and pension contributions. The study further showed that retirement benefit plans are effectively administered through regular pension deductions, prompt remittances, and proper maintenance of Retirement Savings Accounts. In addition, the Commission maintains a high level of compliance with pension regulations and employee benefit policies, thereby promoting accountability and transparency in benefit administration. The study concluded that effective employment benefits, proper accounting treatment, and compliance with relevant regulations significantly enhance employee welfare, retirement security, and organizational effectiveness. The study recommended periodic review of employee benefit packages, continuous compliance with IAS 19, prompt pension remittances, and strengthened internal control mechanisms.