Effect of institutional mechanisms on micropension saving among informal economy workers in the Greater Accra Region of Ghana. Issue 9 (September 2021)

• Record Type: Journal Article
• Authors: Boyetey, Dominic Buer; Boampong, Owusu; Enu-Kwesi, Francis
• Is Part Of: Heliyon. Volume 7:Issue 9(2021)
• Publication Date: 2021-09
• Subjects: Economy -- Financial -- Informal -- Institutions -- Micropension -- Security -- Social -- Workers; Research -- Periodicals; Medical sciences -- Periodicals; Natural history -- Periodicals; Social sciences -- Periodicals; Earth sciences -- Periodicals; Physical sciences -- Periodicals; 507.2
• DOI: 10.1016/j.heliyon.2021.e08004
• Languages: English
• ISSNs: 2405-8440

Abstract

Abstract: The study investigated the effect of institutional mechanisms of micropension saving (MPS) schemes in extending coverage to informal economy workers. We used mixed methods as the research approach, and collected both quantitative and qualitative data for analysis. Using principal component analysis, multiple regression analysis and interpretative approaches that yielded themes, we concluded that more access provision, incentives and security result in increased informal economy workers' participation in MPS. However, general form of financial information to informal economy workers was found to demotivate enrolment onto the scheme. Consequently, we recommended that corporate pension trustees should create institutional structures like pension education campaigns on national television and radio to promote the culture of pension saving. Abstract : Informal economy; Financial institutions; Micropension; Security social; Workers.