Retirement preparation among Ghanaian workers: a study of a cross section of private and public workers in the Kumasi Metropolis.

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In all 83 respondents were randomly selected in the public and private sectors in Kumasi to serve as participants in a non-experimental survey. The main objective of this research is to find out how the Ghanaian worker prepares towards retirement in terms of finance, health, accommodation and 1eisure. The statistical package for social science and a logistical regression model were used to analyze the data which was obtained through the use of structured and unstructured questionnaire. Public sector workers were found to prepare better towards retirement than private sector. Education, age, employment tenure, number of dependants, all had effect on one’s preparation towards retirement. Financial preparation also had a positive relationship on accommodation, leisure and health preparation. It was concluded that most Ghanaian workers are aware of retirement but little is done for its preparation. Various recommendations were given in regard to how retirement preparation could be done, and the presidential commission on Social Security and national insurance trust (SSNIT’s) recommendation should be enforced. Ones retirement date should also be attached to one’s appointment letter and there should also be policies that mandates organizations to organize retirement preparation seminars for employees at least 15-20 years prior to retirement.
A Thesis Submitted to the Department of Managerial Science, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirement for the degree of MBA, 2008