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1 – 10 of over 1000The purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these…
Abstract
Purpose
The purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.
Design/methodology/approach
The study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.
Findings
The study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.
Practical implications
Using the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.
Originality/value
Analysing the driving forces behind retirement plans of self-employed people in developing economies.
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Rafael Gomez, Morley Gunderson and Andrew Luchak
Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines those…
Abstract
Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines those reasons, paying particular attention to the practice of mandatory retirement. Presents age dependency ratios for the OECD to highlight the importance of these issues in the context of an ageing and longer‐lived workforce relative to a smaller working age population. Then discusses the prevalence of mandatory retirement in Canada and the USA, and presents empirical evidence from Canada on variables associated with retiring because of mandatory retirement. The Canadian case is of particular interest, because mandatory retirement in Canada has generally not been banned, which is in marked contrast with the situation in the USA, where it has been banned as constituting age discrimination. The public and legal debate over the issue of mandatory retirement has also been extensive in Canada, and this debate may provide information for other countries dealing with the issue. Ends with an assessment of the extent to which mandatory retirement exerts a constraining influence on transitions into retirement. The essential argument is that its constraining impact is not as simple as it may initially appear. To the extent that mandatory retirement is an intricate part of the compensation and human resource function of firms, banning it can have important implications for those functions and, in turn, for transitions into retirement. The complexities of these issues and dramatically increasing old‐age dependency ratios will ensure that this is an area of growing importance for public policy and human resource management.
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John F. Mahon and Carla C.J.M. Millar
The purpose of this paper is to investigate the challenges, worldwide of managing an aging workforce. The paper offers suggestions for public policy and for individual…
Abstract
Purpose
The purpose of this paper is to investigate the challenges, worldwide of managing an aging workforce. The paper offers suggestions for public policy and for individual organizational approaches to developing, managing and motivating an aging workforce.
Design/methodology/approach
The paper reviews in depth international literature, public policies and corporate policies that deal with an aging workforce.
Findings
In virtually every nation in the world, society is aging and the costs to society – on multiple dimensions demand organizational action and changes in public policy. For the first time in recorded history the number of people aged 65+ will exceed those 15 and under starting in 2015. It is also predicted that those 80+ will be greater than those under 15 in Europe by 2060.
Originality/value
This paper explores the impact of a worldwide aging society on the management of organizations and the demands that this aging will place on public policy. It addresses the profound impacts of changing dependency ratios on nations and on their future competitiveness.
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Colin Duncan, Wendy Loretto and Phil White
Despite major changes in the UK pensions scene, including policy initiatives by successive governments, very little is known about people’s attitudes towards many pensions related…
Abstract
Despite major changes in the UK pensions scene, including policy initiatives by successive governments, very little is known about people’s attitudes towards many pensions related issues. Reports the results of a survey of undergraduates, born on the threshold of the Thatcher era, who are themselves about to embark upon influential careers. The findings relate both to knowledge of pension and retirement details, and the students’ own pension and career plans. In the spirit of the 1980s, the students, especially the males, attached some importance to “individual choice” in pension arrangements. The need for a role for the State was acknowledged, whilst occupational pensions were not rated highly in employment choice terms. The overall pattern of responses allows for some tentative evaluation of recent Labour Government proposals and speculation of future developments in the field of provision for retirement.
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Theodore F. Figinski, Alicia Lloro and Phillip Li
This study provides new evidence on the effect of compulsory schooling laws on educational attainment and earnings. First, we re-examine the effect of compulsory schooling laws…
Abstract
This study provides new evidence on the effect of compulsory schooling laws on educational attainment and earnings. First, we re-examine the effect of compulsory schooling laws for cohorts born between 1900 and 1964 (“older cohorts”) using newly available data that match administrative earnings records with the survey data. Second, we provide among the first evidence on cohorts born between 1977 and 1996 (“younger cohorts”). Our findings suggest that compulsory schooling laws increased the educational attainment of older cohorts, but had no economically significant effect on the educational attainment of younger cohorts. We are unable to find consistent evidence that compulsory schooling laws increased the earnings of older cohorts – a finding which adds to growing evidence that compulsory schooling laws are less beneficial than earlier studies suggest.
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Human life course is shaped by a set of consecutive roles, such as being a worker, a spouse and a parent in a standard biography. However, being instantly disengaged from any of…
Abstract
Human life course is shaped by a set of consecutive roles, such as being a worker, a spouse and a parent in a standard biography. However, being instantly disengaged from any of these roles may cause devastating effects on people’s lives. This discontinuity not only influences the very dynamics of the meaning of working, but also causes aging labor force to be excluded from the market economy. Experienced workers are drained from the pool of labor force just because they are old. This study aims at focusing on the effects of compulsory retirement both upon individual and upon structure, through the lenses of Political Economy of Aging (PEA) and Human Resources Management (HRM). The PEA perspective proposes a tripartite relationship among state (politics), market (economy) and individual (society), while HRM perspective provides an insight of an effective use of workforce from different generations, including older generation.
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Since the Second World War, public pension plans have played an increasingly important role in providing retirement income for older people in most industrial societies. The…
Abstract
Since the Second World War, public pension plans have played an increasingly important role in providing retirement income for older people in most industrial societies. The leading factor that led to the development of public pension systems is the failure of private inter‐generational and inter‐temporal transfers to make adequate provision for old age.
Yehuda Baruch, Susan Sayce and Andros Gregoriou
– The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age.
Abstract
Purpose
The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age.
Design/methodology/approach
A human capital and labour market perspective provide theoretical lenses for exploring the potential implications for individuals, organizations and societies. The paper employs financial costing analysis to demonstrate.
Findings
The paper uses the UK case to illustrate anticipated managerial and societal outcomes. The main finding from the discussion and the financial analysis is that indeed the current system is unsustainable.
Originality/value
The paper offers areas where lessons about age management can be learnt from other experiences of flexible retirement strategies such as enhancing older workers ' human capital. The idea is of global nature and relevance and forms a “wake-up call” for decision makers at national level.
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The purpose of this paper is to explain how the current “crisis” in the UK pension system arose. I argue that it is a result of a combination of changes in government policy and…
Abstract
The purpose of this paper is to explain how the current “crisis” in the UK pension system arose. I argue that it is a result of a combination of changes in government policy and basic instabilities always inherent in the financial system. Policy changes increased the vulnerability of the pension system to those instabilities. The background to these changes and also the frame of reference in terms of which the “crisis” itself is now phrased is broadly neoliberal. Its theoretical roots are in ideas of the efficiency of free markets. Its policy roots are expressed in a series of similar neoliberal policy tendencies in other capitalist states. I further argue that neoliberal solutions to the pension crisis simply offer more of the very matters that created the problems in the first place. Moreover, the very terms of debate, based in markets, financialisation of saving and individualisation of risk, disguise a more basic debate about providing a living retirement income for all. This is a debate that New Labour is simply not prepared to constructively engage with in any concrete fashion.