An assessment of the new pension scheme under the National Pensions act 766 (2008): a case study of the Kumasi Metropolis.
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Date
2016-08
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KNUST
Abstract
In Ghana, concerns have been raised and agitations made over inadequacies in the
existing pension schemes in the country due to factors such as discrepancies in the
benefits enjoyed by retirees under the hitherto, two existing pension schemes, the Cap 30
and the Social Security and National Insurance Trust. It was in recognition of the need
for reforms to ensure a universal pension scheme for all employees in the country that
the new National Pension Act 766 was promulgated in 2008. The objectives of this study
were to: analyse the awareness levels of workers; assess the benefits of the new pension
scheme; determine the perception of workers; and assess the challenges facing the
implementation of the new pension scheme. The study adopted descriptive research
design. The population of the study were formal sector workers in Kumasi. A sample size
of 300 was used. Questionnaire was employed for the data collection. Quantitative data
analysis technique (such as Mean, Standard deviation, frequency, and percentages) and
qualitative data analysis technique such as content analysis, and logical deduction and
induction were used to analyse and discuss collected data. It was found out that: the
respondents are fairly aware of the existence of the new scheme; the respondents
accepted that the new scheme has brought some economic benefits to contributors and
the country; respondents have a positive perception about the new pension scheme; and
the major challenges that face the implementation of the new scheme are low rates of
pension fund returns and lack of knowledge of the new pension scheme. It was
recommended that: intensive public education should be embarked on by the NPRA and
the regulations governing the new pension scheme be rigidly enforced.
Description
A Thesis Submitted To The Department Of Accounting & Finance In Partial Fulfilment Of The Requirements For The Degree Of Master Of Business Administration (Finance).