Sources of retirement income among formal sector workers in Ghana
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Date
2016
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Emerald Group Publishing Limited
Abstract
Purpose
The purpose of this paper is to examine alternative sources of retirement income apart from the Social Security and National Insurance Trust (SSNIT) pension benefits and the significance of these retirement income sources in the consumption decisions of pensioners in Ghana.
Design/methodology/approach
Using household survey data on SSNIT pensioners in Accra, Ghana, this study employ the Garrett and Kendall coefficient of concordance (W-test) to robustly identify the sources of retirement income and determine the significance of these income sources in financing consumption expenditure during retirement.
Findings
The findings show that apart from SSNIT pension benefits, other sources of retirement income including rental income, income from post-retirement jobs and remittances from family and friends are significant sources of income for pensioners in Ghana. Personnel savings and investment was the least important source of retirement income.
Research limitations/implications
Further research will be needed to validate these results, particularly using household survey data that covers the entire country.
Originality/value
The study contributes to the scanty literature on retirement income by robustly identifying the alternative sources of retirement income and their importance or significance to pensioners in Ghana.
Description
Keywords
Pensioners, Social security, Retirement income
Citation
Peter Quartey, Mark Edem Kunawotor, Michael Danquah, (2016) "Sources of retirement income among formal sector workers in Ghana", African Journal of Economic and Management Studies, Vol. 7 Issue: 3, pp.366-378, https://doi.org/10.1108/AJEMS-07-2014-0054