The Role of Mandatory Retirement Savings in Protecting the Aged in Singapore

Author(s):  
M. RAMESH
2018 ◽  
Vol 29 (2) ◽  
pp. 328-342
Author(s):  
Alex Yue Feng Zhu ◽  
Kee Lee Chou

This study investigated the relationship between retirement saving needs estimation and the amount of self-reported private retirement savings amassed by working-age adults in Hong Kong, China, by focusing on the mediating role of retirement saving needs estimation between retirement goal clarity and the amount of private retirement savings. Based on the data collected from a phone survey of 958 Hong Kong workers aged 25–64 years, we found that the retirement saving needs estimation was associated with the savings of individuals over 44 years old; furthermore, it mediated the association between retirement goal clarity and self-reported private retirement savings. The findings offer theoretical contributions for financial planning conceptual frameworks and provide policy implications.


2020 ◽  
Vol 10 (2) ◽  
pp. 553
Author(s):  
Helen JEVWEGAGA ◽  
Ayodotun Stephen IBIDUNNI ◽  
Maloma David AKINNUSI

The focus of this research was to determine the strategic role of Pension Fund Administrators (PFAs) in motivating contributors’ interests in the Nigerian pension scheme. Effort was made to ascertain the extent of payment of pension benefits to contributors as and when due and to also ascertain the level of payment of interests and bonuses to the contributors on funds invested as and when due. The study utilized structured questionnaire to obtain data from active Retirement Savings Account (RSA) holders and pensioners based on their perceived interests on pension matters in Nigeria. A total of 168 RSA holders and 149 pensioners were purposively and randomly selected for the study within the South-West region of Nigeria. From the application of the regression technique, the data analysis revealed that prompt payment of pension benefits and contributions by PFAs significantly influence contributors’ motivation in the pension scheme. Also, the result showed that payment of interests and bonuses on pension funds invested has a significant effect on the contributors’ satisfaction with the pension scheme. Therefore, the study recommended that PFAs should devise means to educate the beneficiaries on the modalities for calculating pension allowances so as to improve their customer service initiatives for increased market share, and to regularly update the RSAs of beneficiaries with the interests and other bonuses from pension investments.


2017 ◽  
pp. 15-21
Author(s):  
Jan Adamiak ◽  
◽  
Bożena Kołosowska ◽  

2016 ◽  
Vol 1 (1) ◽  
pp. 74-95 ◽  
Author(s):  
Julius Gathogo

The article sets out to retrieve the critical role of the pioneer African clergyman, Johana Njumbi (1886–1991), in the Mutira mission of Kirinyaga, Kenya. Despite the death of the first wife in 1921, and the second one in 1952, Njumbi surged on to provide leadership in the new socioreligious dispensation following the introduction of Christianity in the first half of the 20th century. His stewardship is seen in his emphasis on ‘modern’ education, farming and medical services. As Mutira mission marked one hundred years of missionary Christianity (1912–2012), in August 2012, it is imperative to assess the pedigree and the religious-social life times of the key character who contributed immensely in mid-wifing Christianity and modern education in an area hitherto unknown in the map of the world. In so doing, Njumbi catapulted the desolate hills and valleys of Mutira mission into greater heights of human progress. As the area produced its second Bishop, Joseph Karimi Kibucwa, in December 2012, after Daniel Munene Ngoru proceeded to his retirement upon reaching the mandatory retirement age of 65, one cannot fail to see the fruits of the pioneer clergy who persuaded the reluctant locals to ‘accept the white man’s religion and education as our own’ under difficult circumstances. In other words, did Njumbi’s leadership leave a lasting legacy in Mutira mission? Does the maternal role of Canon Njumbi’s wife, Agness Wambui (1914–1952), have any relevance for African motherhood today? The materials in this article are gathered mainly through oral interviews, reading of extensive literature and archival sources.


2019 ◽  
Vol 37 (6) ◽  
pp. 1419-1440
Author(s):  
Milagros Vivel-Búa ◽  
Lucía Rey-Ares ◽  
Rubén Lado-Sestayo ◽  
Sara Fernández-López

PurposeThe purpose of this paper is to study the driving forces of both the decision to participate in individual pension plans and the amount of money allocated to such plans. Moreover, this paper evaluates the potential role that income plays, which has not previously been considered in depth in the financial literature.Design/methodology/approachBased on a sample of the Spanish population over the period 2008–2015, this paper estimates probit and tobit models, using 165,791 observations. The driving forces of private retirement savings comprise demographic, financial and socio-economic characteristics.FindingsThis paper confirms the impact of socio-demographic and economic variables on participation and monetary contributions to pension plans. It also confirms that income plays a non-negligible role. Moreover, empirical evidence reveals that the effect of gender is related to the income stratum to which the individual belongs.Originality/valueRetirement planning plays a key role in retirees’ future income and several countries have emphasised the importance of private individual savings to supplement the minimum provided by public pension schemes. The previous literature has concluded that those who plan their retirement end their working lives with three times the wealth of non-planners. Consequently, analysis of whether people are saving enough for their retirement can contribute to avoiding future wealth inequalities among retirees. Spain is one of the countries with the greatest inequality in income distribution, so this issue is of even greater interest.


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