Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD 2050 exceeding the present contribution rate of 17.5% in 2036 (Pension Commission Report, 2006). All these factors indicate that the pension system in Ghana was unsound. Equity Table 1.0 below illustrates the disparity that existed between CAP 30 and SSNIT schemes. The CAP 30 scheme offered higher benefits. To put this in context, consider for example a life that joins a scheme at aged 25 and retires voluntarily qualifying for pensions.The life will receive about 50% of her terminal pensionable salary under CAP 30 and about 48% of her terminal pensionable salary under SSNIT. The disparity is even more pronounced under the survivor’s lump sum benefit. Suppose the life was to die at age 63, the life will receive 8.5 times and less than 4.32 times her pensionable salary under CAP 30 and SSNIT respectively. Table 1.0 Feature of CAP 30 and SSNIT FEATURE/SCHEME CAP 30 SSNIT Eligibility 10 years of contribution 20 years of contribution Voluntary/Normal Retirement Age 45/60 55/60 Contribution 0%*/5% 5% Pension 1/480th FPS times length of service in months. Survivors Lump Sum Balance of unpaid pensions guaranteed for 20 years. No actuarial principles 50% of FPS after 240 months contribution plus 0.125% per additional month of contribution APV of unexpired pension guaranteed for 12 years - Actuarial principles Penalty for Early Retirement None 60% of full pension at age 55 Marriage Benefit Yes No *For some public sector workers including the Army (GAF). Source: Pension Commission Report (2006) Figure 1.0 indicates that the distribution of monthly pension benefit for 2007 was highly negatively skewed. Our analysis reveals that about 62% of all pensioners received not morethan GHc50 while about 2% received at least GHc300. Thus pension benefits were substantially low and unfairly distributed. The issue of low benefit levels was even compounded by the fact that until 2001 inflation rates exceeded indexation rates applied to pensions. This affected the real values of pensions paid before year 2000. Figure 1.0 Distribution of Monthly Pension Benefit (2007) 818
Figure1.1Inflation and Indexation Rates(1997-2008) Challenges in the Era of Globalization Edited by Emmanuel Obuah Coverage of the Pension systems Pensions in Ghana cover about 10% of the Nation’s workforce, mainly those employed in the formal sector (Pension Commission Report, 2006). The World Bank (1994), points out that it is difficult for developing countries to succeed in achieving the goal of protection against absolute poverty in old age. The informal sector covers about 85% of all working population and yet only about 11% are covered. Middle income nations such as Columbia and Peru have about 25% of working population covered (ILO, 2000). Certainly, coverage in the informal sector in Ghana can be increased. Palacious & Pallares- Miralles (2000), indicates that approximately two-thirds of the World’s formal labour force, 85% of its households (Holzmann et al, 1999) and 90% of its working population Gillion et al (2000) also cited in St .John and Wilmore (2001) lack any form of old age income security. The ILO (2000), indicates that widows and divorcees in developing countries are often subjected to discrimination and social isolation hence few of them have access to the contributory pensions of Tier 2. In Ghana the situation is not too different; women represent about 50.5% of the population (GSS, 2005). However, only 8% of pensioners who received benefits in 2009 were women (SSNIT Benefit Statistics, 2009). The extent of coverage is worsened by the rate of withdrawals form the scheme. Between 1998 and 2008 the proportion of members who withdrew from the SSNIT scheme were equivalent to about 44% on average of the active population in the SSNIT scheme within the same period. Management Challenges The 2006 SSNIT annual report indicates that between 2004 and 2006, the coverage ratio of investment return to administrative and management expense was about 3:1 on average.Minimum standards are not positive developments regarding a fund’s sustainability and invariably can affect the corpus of a pension 819
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Academic Pry School 3 3 0 Backgroun
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Track 5: Management Education Chall
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Track 8: Gender and Economic Develo
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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7. I see globalization as providing
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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Figure 5: Causal loop diagram inclu
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The study seeks to: • examine typ
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Figure 2: Customer Perception of MT
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Relationship Commitment Total 1264.
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Factor Item Loading Imaginative 0.4
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Figure 1: Components of Data Analys
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Abstract Marketing Nigerian medicin
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References Challenges in the Era of
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Conclusion Dissatisfied 6 3.4 3.6 7
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Abstract Customer satisfaction with
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Methodology Challenges in the Era o
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Discussion Challenges in the Era of
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Postgraduate 19 Internet experience
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Average daily Internet hours z P-va
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Conclusion Challenges in the Era of
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GOVERNMENT MoFED SECTORS Structure
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�− growth and represented by
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Results Challenges in the Era of Gl
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Input: Process, regulation Referenc
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