Evaluating post retirement experiences of pensioners in Ghana
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Date
August 2016
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Abstract
The transition from employment to retirement, where there are new events, new things to learn, new rules and regulations, new opportunities and challenges renders retirement a bitter pill to swallow. Retirement brings about uncertainties. Many pensioners in Ghana do not enjoy decent retirement life. The objectives of the study were to: evaluate effectiveness of retirement packages for pensioners, identify challenges retirees face during retirement and investigate the expectations of retirees. The study adopted an exploratory design as a result of the absence of scientific information available on pensioners. The population for the study were pensioners who had retired 5 (five) years ago. A sample size of 190 was drawn. Data collection instrument was questionnaire. Convenience sampling technique was employed to solicit the views of the sample drawn. Descriptive statistical presentations which included averages, bar charts, cross tabulations and frequencies were used to present the data collected. It was found out that; pensioners generally did not find pension packages as effective; female respondents rather found packages to be effective than male respondents, which was attributable to the cultural dispensation prevailing in the country, annual increments were not adequate enough, however, monthly allowances were received on time; challenges faced were mainly inability to pay monthly bills and meet everyday demands, family challenges, inability to pay ward’s fees for those who had wards in school and reasonable pension packages were identified as well as access to free medical care. It was recommended that contributors take pension schemes seriously to earn a secure future; a second look should be taken at the New Pension Scheme to increase the rates of contributions benefits or introduce other beneficial areas for wider benefits; annual increments should be reasonable; it would also be apt to consider the nuclear family when planning for retirement.
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A thesis submitted to the Department of Marketing and Corporate Strategy of the Kwame Nkrumah University of Science and Technology in partial fulfillment of the award of the degree of Master of Business Administration (Strategic Management and Consulting).