An evaluation of the old and new pension schemes in Ghana and their effects on the informal sector
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2013-04
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Abstract
This study examined the Old and the New Three-Tier pension schemes in
Ghana with respect to their respective benefits and extent of coverage
specifically in the informal sector. It has become an accepted norm for
individuals to have some sort of economic security and assistance after
retirement. About 80% percent of the Ghanaian workforce belong to the
informal sector hence, the relevance of this study on this particular sect. Even
though the study found the New Three-Tier system to have certain provisions
for the informal sector, the measure of coverage showed the provisions were
not reaching the informal sector.
This study gathered data through the use of interviews with social security
policy makers and interactions with a sample from the informal sector. The
data collected showed that most respondents were not aware of the existing
pension scheme and its benefits.
This study in concluding, recommended the use of a designed mobile
application, which will help make access to the informal sector better. The
application is designed to register and upload contributions through a mobile
platform. Educational programs through extension services and social media
were also recommended to better educate the informal sector on the benefits
and structure of the existing pension scheme.
Description
Thesis submitted to the Department of Business Administration, Ashesi University College, in partial fulfillment of Bachelor of Science degree in Business Administration, April 2013
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Keywords
Ghana, pension scheme, informal sector, coverage, contributions