International Journal of Applied Economics, Finance and Accounting ISSN 2577-767X Vol. 18, No. 1, pp. 1-14 2024 DOI: 10.33094/ijaefa.v18i1.1258 © 2024 by the authors; licensee Online Academic Press, USA 1 © 2024 by the authors; licensee Online Academic Press, USA Exploring employees' perspectives on the Nigeria PRA 2014 and the impact of behavioural factors on the choice of PFAs Ishaku Ahmed Adamu 1* Paluri Sheela 2 1,2 GITAM School of Business, GITAM Deemed to be University, Visakhapatnam Campus, Andhra Pradesh, India. Email: aishaku@gitam.in 1 Faculty of Social and Management Sciences, Modibbo Adama University, Yola, Nigeria. Email: spaluri@gitam.edu Licensed: This work is licensed under a Creative Commons Attribution 4.0 License. Keywords: Employees choice Financial literacy Pension PFAs Retirement planning Risk tolerance. JEL Classification: D14; D15; D81; G23; G53. Received: 10 July 2023 Revised: 8 September 2023 Accepted: 5 October 2023 Published: 21 November 2023 ( * Corresponding Author) Abstract This study aimed to investigate the perspective of Nigeria North- eastern federal tertiary institution employees on the Nigeria PRA 2014, as well as the behavioural factors that influence their selection of Pension Fund Administrators (PFAs). The data was collected from 307 respondents using a well-structured questionnaire. This study incorporates various behavioural factors, including retirement planning behaviour, risk tolerance, attitude towards the future, and financial literacy, along with employees’ perspectives on the PRA 2014. This objective considered the influence of these factors on the employee choice of PFAs. The findings reveal that employee perspective on PRA 2014 and employee choice of PFA share a significant relationship. Additionally, the results of the multiple regression revealed that behavioural factors have a significant impact on employees' selection of PFAs. The model that investigates the effect of education qualification on the behavioural factors influencing the employees’ choice of PFA reveals that educational qualification does not significantly affect behavioural factors towards employees' choice of PFAs. The employees' opinion on the PRA of 2014, as it relates to addressing issues with the pension scheme, and the influence of behavioural factors have a notable impact on the selection of Pension Fund Administrators (PFAs) by employees. Funding: This study received no specific financial support. Institutional Review Board Statement: The Ethical Committee of the GITAM Deemed to be University, India has granted approval for this study on 28 October 2021 (Ref. No. 63602003/2021). Transparency: The authors confirm that the manuscript is an honest, accurate, and transparent account of the study; that no vital features of the study have been omitted; and that any discrepancies from the study as planned have been explained. This study followed all ethical practices during writing. Data Availability Statement: The corresponding author may provide study data upon reasonable request. Competing Interests: The authors declare that they have no competing interests. Authors’ Contributions: Designed the study, collected the data and performed the analysis, I.A.A.; reviewed, edited and supervised the study, P.S. Both authors have read and agreed to the published version of the manuscript. 1. Introduction The remuneration delivered by an organisation to its employees based on their employment status can be defined as employee benefits (Stalmaseková, Genzorova, & Čorejova, 2017). The issue of employee benefits has been receiving significant attention within many organizations. (Agubata, Okolo, & Ogwu, 2022). The potential advantages encompass the provision of cashless perks or cash bonuses, which employees get in addition to their regular earnings or compensation. The potential benefits encompass the provision of cashless perks , or cash bonuses that employees get in addition to their regular wages or salary (Merhar, 2020). For an employee, retirement benefits serve as insurance to poor financial conditions after retirement (Abdulkadir, 2020). A pension is a form of retirement benefit that is established by contractual agreement, wherein the predetermined fixed sum is intended to be regularly distributed to a retiree as a result of their great service to the organisation, where they worked as an employ (Eme, Uche, & Uche, 2014).