Skip to main content
SpringerLink
Log in

Inclusion of the Informal Sector Pension: The New Pensions Act

  • Conference paper
  • First Online:
Advances in Social and Occupational Ergonomics (AHFE 2019)

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 970))

Included in the following conference series:

Abstract

The study was conducted to examine the extent to which informal sector workers understand new pension scheme of Ghana, together with its benefits, challenges and adequacy in guaranteeing their retirement income security. Primary data through interviews and focus group discussions, and secondary data through review of relevant laws were obtained. A total of 86 participants constituted the sample, made up of the regulator, regulated and cross-section of informal sector workers. There is generally low patronage by the informal sector workers which can be attributed to lack of trust in the trustees. Awareness creation and public education are still being embarked upon to win public trust and confidence. The adequacy of the pensions scheme is attained through investments in permissible ventures such as treasury bills, real estate, bonds and stocks.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 129.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Whitehouse, E., D’addio, A., Chomik, R., Reilly, A.: Two decades of pension reform: What has been achieved and what remains to be done? Geneva Pap. Risk Insur.-Issues Pract. 34, 515–535 (2009)

    Article  Google Scholar 

  2. Kpessa, M.W.: Ideas, institutions, and welfare program typologies: an analysis of pensions and old age income protection policies in Sub-Saharan Africa. Poverty Public Policy 2, 37–65 (2010)

    Article  Google Scholar 

  3. Collins-Sowah, P.A., Kuwornu, J.K., Tsegai, D.: Willingness to participate in micro pension schemes: evidence from the informal sector in Ghana. J. Econ. Int. Finance 5, 21–34 (2013)

    Article  Google Scholar 

  4. World Social Security Report 2011. Coverage by social security pensions: Income security in old age. http://www.ilo.org. Accessed 11 Mar 2018

  5. Winklevoss, H.E.: Pension Mathematics with Numerical Illustrations. University of Pennsylvania Press, Philadelphia (1993)

    Google Scholar 

  6. Kpessa, M.W.: The politics of retirement income security policy in Ghana: historical trajectories and transformative capabilities. Afr. J. Polit. Sci. Int. Relat. 5, 92–102 (2011)

    Google Scholar 

  7. Gillion, C.: The development and reform of social security pensions: the approach of the International Labour Office. Int. Soc. Secur. Rev. 53, 35–63 (2000)

    Article  Google Scholar 

  8. Stewart, F., Yermo, J.: Pensions in Africa (OECD Working Papers on Insurance and Private Pensions, no 30) (2009)

    Google Scholar 

  9. Hu, Y.W., Stewart, F.: Pension Coverage and Informal Sector Workers (2009)

    Google Scholar 

  10. Ghana News Agency: SSNIT introduces pension scheme for informal sector workers (2005). http://www.ghanaweb.com. Accessed 15 Mar 2018

  11. SSNIT Annual Report (2009). http://www.ssnit.org.gh. Accessed 21 Mar 2018

  12. International Labour Organisation: Decent work and the informal economy. International Labour Conference (2002). https://www.ilo.org. Accessed 29 Feb 2018

  13. WIEGO: International networks of individuals from trade unions, academic institutions and international development agencies (1997). http://www.wiego.org. Accessed 9 Mar 2018

  14. World Bank. Informal economy and the World Bank. Policy research working paper 6888 (2014). https://www.documents.worldbank.org. Accessed 13 Mar 2017

  15. Thierry, E., Lam, H., Harcourt, M., Flynn, M., Wood, G.: Defined benefit pension decline: the consequences for organizations and employees. Empl. Relat. 36(6), 654–673 (2014)

    Article  Google Scholar 

  16. Adzawla, W., Baanni, S.A., Wontumi, R.F.: Factors influencing informal sector workers’ contribution to pension scheme in the tamale metropolis of Ghana. J. Asian Bus. Strategy 5, 37 (2015)

    Google Scholar 

  17. Holzmann, R., Hinz, R., Dorfman, M.: Pension systems and reform conceptual framework. SP Discussion Paper No. 0824 (2008)

    Google Scholar 

  18. Kim, C., MacKellar, L., Galer, R., Bhardwaj, G.: Implementing an Inclusive and Equitable Pension Reform: Lessons from India’s New Pension Scheme. Routledge, Abingdon (2012)

    Book  Google Scholar 

  19. United Nations Development Programme Annual Report. The sustainable future we want (2012). http://www.undp.org. Accessed 11 Feb 2018

  20. National Pensions Regulatory Authority Report 2015

    Google Scholar 

  21. Mitchell, O.S., Fields, G.S.: The economics of retirement behavior. J. Labor Econ. 2, 84–105 (1996)

    Article  Google Scholar 

  22. Rofman, R., Oliveri, M.L.: Pension coverage in latin America, trends and determinants. Social protection and labour discussion paper, No: 1217 (2012)

    Google Scholar 

  23. Homans, G.C.: Human behavior: Its elementary forms (1961)

    Google Scholar 

  24. Modigliani, F., Brumberg, R.: Utility analysis and the consumption function: an interpretation of cross-section data. Franco Modigliani 1, 388–436 (1954)

    Google Scholar 

  25. Canagarajah, S., Sethuraman, S.V.: Social protection and the informal sector in developing countries: Challenges and opportunities. World Bank (2001)

    Google Scholar 

  26. MacKellar, L.: Pension systems for the informal sector in Asia (No. 47679). The World Bank (2009)

    Google Scholar 

  27. Johnson, B., Christensen, L.: Educational Research: Quantitative, Qualitative, and Mixed Approaches. Sage, Thousand Oaks (2008)

    Google Scholar 

  28. Fraenkel, J.R., Wallen, N.E.: How to Design and Evaluate Research in Education McGraw, New York (2000)

    Google Scholar 

  29. Braun, V., Clarke, V.: Using thematic analysis in psychology. Qual. Res. Psychol. 3, 77–101 (2006)

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. University of Ghana, Legon Boundary, Accra, Ghana

    Olivia Anku-Tsede

Authors
  1. Olivia Anku-Tsede
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Olivia Anku-Tsede .

Editor information

Editors and Affiliations

  1. Faculty of Industrial Design Engineering, Delft University of Technology, Delft, Zuid-Holland, The Netherlands

    Richard H.M. Goossens

  2. Okayama University, Okayama, Japan

    Atsuo Murata

Rights and permissions

Reprints and permissions

Copyright information

© 2020 Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Anku-Tsede, O. (2020). Inclusion of the Informal Sector Pension: The New Pensions Act. In: Goossens, R., Murata, A. (eds) Advances in Social and Occupational Ergonomics. AHFE 2019. Advances in Intelligent Systems and Computing, vol 970. Springer, Cham. https://doi.org/10.1007/978-3-030-20145-6_48

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-20145-6_48

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-20144-9

  • Online ISBN: 978-3-030-20145-6

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics

Search

Navigation