Pension Policy Dimension to Ghanaian Workers’ Housing Needs Provision

Abstract

The paper explores workers’ housing needs, expectations and pension policy compatibility to meeting this need using the pension system as a mortgage facility. Use was made of a cross-sectional design. A sample of 131 workers was selected through convenient sampling. The findings show that workers have need for houses with retirement in focus and that they expect government to provide them with affordable houses. Government’s provision of these housing needs can purportedly be met via the national pension system’s mortgage facility. Significantly, house acquisition situated within the context of retirement preparation is indicative of retirement portfolio diversification. The findings have implications for promoting housing provision for all workers.

Assessment of How House Ownership Shapes Health Outcomes in Urban Ghana

“…A house is a vital safety need [4], the non-existence of which presents workers with one of the greatest challenges in post-retirement life. House acquisition is "the purchase or securing of a house for use as a residential facility with retirement in focus" [5]. In a study conducted by reference [6] on the topic 'systematic preparation process and resource mobilization towards post-retirement life in urban Ghana: An exploration', it was observed that the indirect financial actions undertaken in preparing for post-retirement life, medical actions (28.13%) and finding a place of residence to relocate to after retirement (50.63%) are the most commonly indicated options [6].…”

“…The acquisition of a house enables the saving of money that would otherwise be required for renting an apartment in old age. Such money could be channeled into meeting select survival needs [5]. This is a factor in the relatively low levels of pension incomes in Ghana [21].…”

“…The before retirement options entail co-housing, shared housing [27], voluntary and private homes, including apartments, detached and semi-detached forms of (low-cost) housing [26,27]. Retirement planning by workers can sometimes be implied through house acquisition and in the absence of flats or houses, old age homes may serve as an alternative for those who lack the former [5]. Some people prefer to live in their own homes and they do not go into a separate residential facility [27].…”

“…Some people prefer to live in their own homes and they do not go into a separate residential facility [27]. An aging adult needs to possess a house, though they cannot obtain one [5]. Clearly, using contributed pension funds for a mortgage in acquiring a house is one of the five benefit pillars of the three-tier pension system [28,29].…”

Exploring The Nexus Between Family Size Planning and Retirement Planning in Ghana

“…It may occur at both the organizational and individual levels comprising savings and the accumulation of assets among others (Dovie, 2017). Retirement planning consist of family planning and the allocation of resources for designated purposes namely purchase of houses (Dovie et al, 2018;Dovie, 2019aDovie, , 2019bDovie, , 2019c or paying for the education of children while simultaneously instituting retirement plans and portfolios (Dovie, 2018a). Preparation towards retirement also entails family planning and social relationship building which takes three distinct forms namely having a manageable family size, care for own children, care for siblings and/or cousins as well as joining association(s).…”