Effect of institutional mechanisms on micropension saving among informal economy workers in the Greater Accra Region of Ghana

Boyetey, Dominic Buer; Boampong, Owusu; Enu-Kwesi, Francis

doi:10.1016/j.heliyon.2021.e08004

Cited by 8 publications

(3 citation statements)

References 20 publications

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“…Over a decade has passed since the implementation of the third-tier pension system, and the challenge of fulfilling the programme's original intent to provide a complete and well-organised retirement plan has persisted. This is recognised because informal sector employees consistently show poor patronage and understanding of the new pension system [34][35][36].…”

Section: Country Profile: Ghanamentioning

confidence: 99%

Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

Khai,

Oppong Nkansah,

Khan

et al. 2024

Challenges

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The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social security programmes for this population in developing countries, which has severe consequences for their quality of life and well-being. In this article, we aim to better understand the pension systems in developing country contexts such as Ghana, Pakistan, and Myanmar by reviewing official government materials (for example, pension reports) and the published literature to suggest relevant policy recommendations. We observed several policy implementation gaps and inequities in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options for pension policies, financing, designing cash benefits, and pension payments to cover all older citizens. This article addresses the unmet needs of the elderly and their wider economic sustainability to ensure social justice and resource utilisation. Governments in developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and social well-being with dignity and honour.

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Section: Country Profile: Ghanamentioning

confidence: 99%

Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

Khai,

Oppong Nkansah,

Khan

et al. 2024

Challenges

View full text Add to dashboard Cite

show abstract

“…Over a decade has passed since the implementation of the third-tier pension system, yet the challenge of fulfilling the programme's original intent to provide a complete and wellorganised retirement plan has persisted. This is recognised because informal sector employees consistently show poor patronage and understanding of the new pension system [34][35][36].…”

Section: Country Profile-ghanamentioning

confidence: 99%

A Comparative Analysis of the Pension Schemes for Elderly Population in Developing Countries: Policy Insights in the Context of financial wellbeing and social justice

Khai,

Jacob,

Khan

et al. 2024

Preprint

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The rapid growth of the elderly population is a major global demographic and social issue. Unfortunately, there is a shortage of pension plans and social se-curity programmes for this population in developing countries which has severe consequences for their quality of life and planetary health (PH) wellbeing. In this article, we aimed to better understand the pension systems in Ghana, Pakistan, and Myanmar, by reviewing the official government materials (such as pension reports) and published literature. We observed several policy implementation gaps and inequity in pension schemes for older people, specifically for informal and private sector workers. Considering the size of formal versus informal economies and the level of development index of each country, we suggest a wide variety of options in pension policies, financing, designing cash benefits and pension payments to cover all older citizens. This article addresses an unmet need of the elderly people, their wider environmental and economic sustainability to ensure social justice and resource utilization. The governments of developing countries should embrace and establish unique, inclusive, and friendly policies encompassing the informal sector to warrant older adults’ functional and planetary wellbeing with dignity and honor.

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“…The third-tier pension scheme has been in place for over a decade; unfortunately, its goal to offer a comprehensive and organized retirement plan has remained challenging. This is acknowledged by the incessant low patronage and awareness of the new pension system among informal sector workers (Anku-Tsede, 2019;Anku-Tsede et al, 2015;Boyetey et al, 2021).…”

Section: Introductionmentioning

confidence: 99%

From Social Protection to Personal Protection: Implications for an Integrated Framework of Retirement Planning for Informal Workers in Ghana

Oteng¹,

Manful

Akuoko

2022

Glob Soc Welf

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Without a mandatory retirement age, many informal workers are exploring diverse ways of ensuring their well-being as they age. This exploratory study focuses on the retirement plans of workers in Ghana’s informal sector to inform interventions to ensure their well-being. Findings from 35 in-depth interviews among self-employed informal workers in Adum-Kumasi, the largest hub of Ghana’s informal work, highlight that retirement planning is centred on self-protection through investment in economic and non-economic activities. The study contributes to the discourse on extending social protection coverage to informal work settings. It further recommends an integrated policy framework for social protection to cover a broad range of domains that are important for the well-being of informal workers in later life.

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Effect of institutional mechanisms on micropension saving among informal economy workers in the Greater Accra Region of Ghana

Cited by 8 publications

References 20 publications

Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

Supporting Ageing Populations in Developing Countries: A Comparative Analysis of Pension Schemes and Policy Insights

A Comparative Analysis of the Pension Schemes for Elderly Population in Developing Countries: Policy Insights in the Context of financial wellbeing and social justice

From Social Protection to Personal Protection: Implications for an Integrated Framework of Retirement Planning for Informal Workers in Ghana

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