A STUDY TO ASSESS THE THREE-TIER PENSION SCHEME IN GHANA

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ABSTRACT

The aim of the study was to assess the three-tier pension schemes in Ghana. Specifically, the study examined the standards of the mandatory tier one and tier two pension schemes in Ghana; evaluated the current voluntary tier-three pension scheme in Ghana, and examined the relationship between the benefits of pensions schemes, and an assessment of the three-tier pension scheme to the Ghanaian worker. A cross-sectional survey research strategy, coupled with a quantitative methodological approach was used in the study in order to achieve the objectives of the study. A structured questionnaire was used to conveniently gather data from the respondents, and the items on the questionnaire were measured on a five-point ranking scale. Overall, 71 respondents sampled from three (3) organizations in Ghana, participated in the study. The findings from the study revealed that, there was quite a strong positive relationship between the benefits to be derived from pension schemes in Ghana, and an assessment of the three-tier pension scheme in Ghana. The study further revealed that the benefits to be derived from an awareness of pension schemes in Ghana, significantly affected the assessment of the three-tier pension schemes in Ghana. The study recommends that the government of Ghana must come out with policies to make education of employees on pension schemes in Ghana mandatory for all employers in Ghana. Since the informal sector makes up the majority of the Ghanaian working force, future researchers should investigate their awareness and knowledge on the three-tier pension scheme in Ghana, so that efficient policies can be made by the government of Ghana, for their benefit.