Abstract:
A public pension scheme is the only formal scheme that guarantees
income security for the aged. In this regard, the voluntary pension scheme is an
income supplement, therefore, it is economically prudent for workers to
embrace the schemes as an optional insurance to ensure income security and
alleviate poverty among individuals to cope with major retirement risks. The
purpose of the study was to assess the attitude of public sector workers towards
voluntary pension schemes as a way of providing adequate income security as
a supplement for Ghanaian workers. The study used simple random and
purposive sampling techniques to sample 375 public sector workers and
managers/regional representatives of tier-three funds from the Upper East
Region of Ghana. Data was collected using administration of questionnaires and
through an interview guide whiles the analysis of data gathered was done using
SSPS version 23. The study revealed that, majority of Public sector workers
have little knowledge about the voluntary pension scheme as a component of
the Three-Tier Scheme. The study further revealed that the voluntary pension
scheme provides better pension benefits to Ghanaian workers. Additionally, the
study posits consensually that, provident funds are poorly managed in Ghana.
Therefore, there is a need for public education and sensitizations to bridge this
knowledge gap ensuring that people understand all aspect of voluntary pension
schemes to increase the number of enrolment and sustainability of the scheme.
It is also imperative for Government to make it mandatory for employers to also
contribute to employees’ provident fund under the recent pension scheme.
