...National Pensions Act, 2008 ARRANGEMENT OF SECTIONS Section PART ONE—ESTABLISHMENT OF CONTRIBUTORY THREE-TIER PENSION SCHEME AND NATIONAL PENSIONS REGULATORY AUTHORITY Contributory three-tier pension scheme 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. Establishment of contributory three-tier pension scheme Object of the scheme Contributions to the scheme Management of the schemes National Pensions Regulatory Authority Establishment of the Authority Object of the Authority Functions of the Authority Governing body of the Authority Tenure of office of members Meetings of the Board Disclosure of interest Establishment of committees Allowances Regional and district offices of the Authority Ministerial directives Administrative and financial provisions Chief Executive Officer Functions of the Chief Executive Officer Deputy Chief Executive Officer Functions of Deputy Chief Executive Officer Appointment of Solicitor Secretary Appointment of other staff Funds of the Authority Accounts and audit Annual report and other reports Miscellaneous provisions to Part One Engagement of consultants and experts Prohibition of unauthorised disclosure of confidential information Power to inspect business premises Budget and work programme Regulations PART TWO—BASIC NATIONAL SOCIAL SECURITY SCHEME Establishment of the Trust 30. Basic national social security scheme 31. Exemption from the basic national social security scheme Act...
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...125 [pic]GHANA TRADES UNION CONGRESS MEDIUM TERM POLICIES FOR THE QUADRENNIAL 2008 -2012 [DRAFT] GHANA TRADES UNION CONGRESS Contents PART 1 3 INTRODUCTION AND BACKGROUND 3 Challenges at the International Level 3 Challenges at the National Level 4 Challenges at the workplace 8 PART 2 10 GHANA TUC’S PERSPECTIVES ON HUMAN DEVELOPMENT AND DEMOCRACY 10 Human Development Objectives 12 Democratic Participation in Decision-Making 14 PART 3 17 POLICIES 17 POLICY ON LABOUR RELATIONS AND SOCIAL DIALOGUE 17 POLICY ON EDUCATION AND TRAINING 20 POLICY ON ORGANISATION, INTERNAL DEMOCRACY AND SOLIDARITY 22 POLICY ON EMPLOYMENT 28 POLICY ON INCOMES 30 POLICY ON INFORMAL ECONOMY 32 POLICY ON SOCIAL PROTECTION 35 POLICY ON HOUSING 38 POLICY ON GENDER EQUALITY 40 POLICY ON CHILD LABOUR 42 POLICY ON OCCUPATIONAL SAFETY, HEALTH AND ENVIROMENT 44 POLICY ON HIV/AIDS 46 POLICY ON ENERGY AND POWER 49 POLICY ON INTERNATIONAL RELATIONS 52 POLICY ON THE YOUTH ……………………………………………………………… PART 1 _________________________________________________________ INTRODUCTION AND BACKGROUND The Ghana Trades Union Congress (TUC) has gone through very difficult challenges since it was established in 1945. Nevertheless, it has maintained its identity and continues to grow stronger. Currently, Ghana TUC has seventeen affiliates with an estimated membership...
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...period when an adult is no longer gainfully employed; WHAT IS RETIREMENT? • People often work continuously up to 40 years prior to retiring; • Upon retirement, the retiree relies on the public or private retirement system and/or personal savings for income; • Some workers are beginning to look for opportunities to gradually ease into retirement – often called “phased retirement” THE FIVE PILLARS OF RETIREMENT SECURITY • • • • Social security (SSNIT in Ghana) Employer-sponsor retirement plan Personal savings Earnings from employment after retirement • Income from family members, life insurance, health insurance, and general insurance. REASONS TO PLAN FOR RETIREMENT • Break down of the informal systems – Changes in the family structure – Urbanization, mobility, war, famine, and aids – Family attitudes HOW TO PLAN FOR RETIREMENT TOP 9 WAYS TO BEAT THE CLOCK AND PREPARE FOR RETIREMENT HOW TO PLAN FOR RETIREMENT • Know your retirement needs • Find out about your Social Security benefits • Learn about your employer’s pension scheme • Contribute to a tax-sheltered savings plan HOW TO PLAN FOR RETIREMENT • • • • Ask your employer to start a plan Don’t touch your savings Consider basic investment principles Ask questions. Talk to the employer, banks, financial advisors, etc… • Start now, set goals, and stick to them. It’s...
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...THE IMPACT OF PENSION SECTOR REFORMS ON THE FINANCIAL VIABILITY OF PENSION PLANS IN KENYA By Akwimbi Ambaka William March 12, 2011 Department of Business Administration, School of Business, University of Nairobi, Kenya Electronic copy available at: http://ssrn.com/abstract=1784297 TABLE OF CONTENTS Declaration List of Tables List of Figures Appendices Abbreviation CHAPTER ONE: INTRODUCTION 1.0. 1.1. 1.2. 1.3. 1.4. 1.5. 1.6. Background of the Study The Conceptual Basis of Social Security Schemes The Kenyan Contextual Basis of Social Security Problem Statement Research Questions and Objectives Research Hypotheses Importance of the study 1 3 10 19 22 22 23 CHAPTER TWO: LITERATURE REVIEW 2.0. Introduction 2.1. Review of Theoretical Literature on Financial Viability of Pension Schemes 2.2. Review of Empirical Literature of Studies on the Solvency of Pension Schemes 2.3. Models for Evaluating the Financial Viability of Pension Schemes 2.4. A Summary of the Knowledge and Research Gaps 25 25 46 60 68 REFERENCES APPENDICES i Electronic copy available at: http://ssrn.com/abstract=1784297 GLOSSARY CAC CALPERS CAPSA CBS C-D CEO CGE CSR DB DC E.T.I EME ERISA FMA GASB GDP GSP INPFRS INSS IPD IRA IRBS KNAO KNBS LUPFUND NSE NSSF NYSCRF OECD OSFI PBGC PLC PPF PPR PROST PRPOPS PSPS PSSS RBA SAM SIPO SOX SSNIT SSS Commonwealth Authorities and Companies Act CEO California Public Employees Retirement System The Canadian Association of Pension Supervisory Authorities Central Bureau...
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...INTRODUCTION Human Resource Management is defined as a strategic and coherent approach to the management of an organization’s most valued assets – the people working there who individually and collectively contribute to the achievement of its objectives. HRM is a distinctive approach to employment management which seeks to achieve competitive advantage through the strategic development of a highly committed and capable workforce using an integrated array of cultural, structural and personnel techniques (Storey, 2001). Beer et al, (1984) defined HRM as a strategic approach to the management of human resources that involves all management decisions and actions that affect the relationship between the organisation and employees. John Storey (1987) believes that HRM can be regarded as a ‘set of interrelated policies with an ideological and philosophical underpinning’. He suggests four aspects that constitute the meaningful version of HRM: 1. a particular constellation of beliefs and assumptions; 2. a strategic thrust informing decisions about people management; 3. the central involvement of line managers; 4. Reliance upon a set of ‘levers’ to shape the employment relationship. In today's litigious workplace environment, being on top of legal issues that directly affect individual employees and organization is critical to the success of the HR profession. In this study, we will critically analyze and evaluate legal issues as it affects the functions of HRM in Nigeria and...
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...PROJECT TOPIC THE IMPACT OF GHANA RURAL BANK COMPUTERIASATION AND INTERCONNECTIVITY PROJECT ON THE PROFITABILITY OF RURAL BANKS A CASE OF SOUTH AKIM RURAL BANK LIMITED INTRODUCTION Background Statement It can be said universally that the rate of change and expansion that organisations are striving to achieve has been ambitious. The rural banking sector is no exception. Profitability of banks has improved tremendously. Current trends show that banking is more profitable through the use of technology. The rural banking concept was introduced to bridge the rural urban gap of financial transaction (Addo 1998). Since their inception the rural banks have been at the fore front of developing proper innovative financial product and modifying their operations to suit the specific needs of the rural farmer, the underserved micro enterprise and other low income operatives of the rural economy (Obeng 2009, Owusu Ansah1999) The objective of rural banks include the following, to provide basic financial services to the rural folks .To play a financial intermediary role by mobilizing financial resources from within their area of operation and channelling such funds to support viable ventures and thus invariably improve the socio-economic well-being of the people in the communities they serve, to inculcate banking culture and attitude into the rural folks in order to stem the tide of high volume of liquidity circulating outside the Ghanaian...
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...AGRICULTURAL FINANCE STAGE II Submission In the partial fulfillment of AF Project to Prof. Vaibhav Bhamoriya Future of Payment Services in Rural Areas Submitted By Group 5 Amrita Dokania, Anjali Neha Lakra, Ashish Negi, Bhawna Nirmal, Veeru Kumar Prajapati INDIAN INSTITUTE OF MANAGEMENT, AHMEDABAD Introduction Payments are indispensable parts of our daily transactions, be it B2B, B2C or C2C, and be it rural areas or urban areas. Payment system of a country should be “safe, secure, efficient and accessible” owing to its vital role in raising the GDP of a nation. Payments being one of the most important parts of the financial system, different channels that accelerate the process efficiently constitute the focus of the system. Banking industry has witnessed a tremendous growth in the last few decades in terms of volume and the complexities in the banking system. Even if banks have made significant improvements in the recent years for achieving financial viability and profitability there have been concerns regarding reach and serving a huge population of interior areas. There has been a skewed distribution of population i.e. 6000 per bank branch in urban and 24000 in the rural areas. India has approximately 6.4 lakh villages out of which 5 lakh villages are still unbanked because of the operational and structural issues for example viability, long distance, costs etc. Although rural India comprises of 68% of population, it constitutes only 9% of total...
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...REPUBLIC OF GHANA THE BUDGET STATEMENT AND ECONOMIC POLICY of the GOVERNMENT OF GHANA for the 2015 FINANCIAL YEAR presented to PARLIAMENT on WEDNESDAY, 19TH NOVEMBER 2014 by SETH E. TERKPER Minister for Finance on the Authority of HIS EXCELLENCY PRESIDENT JOHN DRAMANI MAHAMA Theme: “Transformational Agenda: Securing the Bright Medium Term Prospects of the Economy ’’ THE 2015 BUDGET STATEMENT AND ECONOMIC POLICY ~ ii ~ Theme: “Transformational Agenda: Securing the Bright Medium Term Prospects of the Economy ’’ For copies of the Statement, please contact the Public Relations Office of the Ministry: Ministry of Finance Public Relations Office New Building, Ground Floor, Room 001/003 P. O. Box MB 40 Accra – Ghana The 2015 Budget Statement and Economic Policy of the Government of Ghana is also available on the internet at: www.mofep.gov.gh ~ iii ~ Theme: “Transformational Agenda: Securing the Bright Medium Term Prospects of the Economy ’’ ACRONYMS AND ABBREVIATIONS ABFA ACLP ADR AFCON AfDB AIDS AML AMSECs APR ATMA AVIC BACs BDS BIEPC BoG BOP bopd bps BR BRICS BSPs BVDs Annual Budget Funding Amount Ascertainment and Codification of Customary Law Project Alternative Dispute Resolution African Cup of Nations African Development Bank Acquired Immune Deficiency Syndrome Anti-Money laundering Agricultural Mechanization Services Enterprise Centres Annual Progress Report Accra-Tema Metropolitan Area Accra Visitor Information Centre Business Advisory Centres...
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...Agriculture is the mainstay of the Ghanaian economy and until recently the largest contributor to GDP. (Yahiya, research Dept. of BOG, 2013) Despite the potential resources existing in the rural areas, farmers and small entrepreneurs lack the required institutional credit to play the expected meaningful role in the Economy. The peasant farmer had to rely on informal operators such as Mobile Bankers locally known as Susu Collectors, and self-help groups and money lenders for his credit needs. These creditors charge exorbitant interest rates which, in most cases, aggravates the poverty state of the borrowers. The bank of Ghana, in a bid to take care of the credit and other financial needs of the rural people, therefore encouraged Commercial Banks to expand their rural networks. The Agricultural Development Bank, for example, which was originally a unit of the Bank of Ghana, was established in 1965 with the aim of reaching the small-scale farmer(s).These Banks were however unable to satisfy the financial...
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...ASSESSING THE CHALLENGES OF TAX REVENEUE MOBILISATION IN GHANA: A CASE OF SUNYANI MUNICIPALITY. By EGYIN, KODWO BOAKYE (PG 2043808) A Thesis submitted to the Institute Of Distance Learning, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of COMMONWEALTH EXECUTIVE MASTERS OF BUSINESS ADMINISTRATION JUNE, 2011 1 DECLARATION I hereby declare that this submission is my own work towards the CEMBA and that, to the best of my knowledge, it contains no material previously published by another person nor material which has been accepted for the award of any other degree of the University, except where due acknowledgement has been made in the text. Kodwo Boakye Egyin Student Name ................................... Signature .............................. Date Certified by: Mr. Jones Lewis Arthur Supervisor ................................... Signature .............................. Date Certified by: Professor Isaac Dontwi Dean ................................... Signature .............................. Date 2 DEDICATION I dedicate this work first to the Almighty God who has brought me this far, to my father, Kwamina Akwaa Egyin, who mentored me through my education, my loving wife, Yvonne, my sweet kids, Papa Akwaa, Araba and Kurankwesi who stayed by my side all along. 3 ACKNOWLEDGEMENT I am most grateful to the Almighty God for His protection throughout the course and seeing to a successful end. My special...
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...Chapter 2 Corporate Social Responsibility, Corporate Governance and Corporate Regulation 2.1 Introduction CSR is increasingly an essential issue for companies.1 It is a complex and multidimensional organisational phenomenon that is understood as the scope for which, and the ways in which, an organisation is consciously responsible for its actions and non-actions and their impact on its stakeholders. It represents not just a change to the commercial setting in which individual companies operates, but also a pragmatic response of a company to its consumers and society.2 It is increasingly being understood as a means by which companies may endeavour to achieve a balance between their efforts to generate profits and the societies that they impact in these efforts.3 This chapter discusses these issues. First, it describes CSR and its core principles. Second, it describes CG and narrates CG’s convergence with CSR. Third, it highlights how different economies are incorporating CSR notions in their corporate regulation. 1 Jeremy Moon and David Vogel, ‘Corporate Social Responsibility, Government, and Civil Society’ in Andrew Crane et al. (eds), Oxford Handbook of Corporate Social Responsibility (2008) 303; David Vogel, The Market for Virtue: The Potential and Limits of Corporate Social Responsibility (2005); Nada K Kakabadse, Cecile Rozuel and Linda Lee-Davies, ‘Corporate Social Responsibility and Stakeholder Approach: A Conceptual Review’ (2005) 1(4) International ...
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...PURE GOLD TO BE THE LEADING MINING COMPANY To create value for our shareholders, our employees and our business and social partners through safely and responsibly exploring, mining and marketing our products. Our primary focus is gold and we will pursue value creating opportunities in other minerals where we can leverage our existing assets, skills and experience to enhance the delivery of value. Safety is our first value. We place people first and correspondingly put the highest priority on safe and healthy practices and systems of work. We are responsible for seeking out new and innovative ways to ensure that our workplaces are free of occupational injury and illness. We live each day for each other and use our collective commitment, talents, resources and systems to deliver on our most important commitment ... to care. We are accountable for our actions and undertake to deliver on our commitments. We are focused on delivering results and we do what we say we will do. We accept responsibility and hold ourselves accountable for our work, our behaviour, our ethics and our actions. We aim to deliver high performance outcomes and undertake to deliver on our commitments to our colleagues, business and social partners, and our investors. We treat each other with dignity and respect. We believe that individuals who are treated with respect and who are entrusted to take responsibility respond by giving their best. We seek to preserve people's dignity, their sense...
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...Public Disclosure Authorized WPS6107 Policy Research Working Paper 6107 Public Disclosure Authorized Financial Literacy around the World An Overview of the Evidence with Practical Suggestions for the Way Forward Lisa Xu Bilal Zia Public Disclosure Authorized Public Disclosure Authorized The World Bank Development Research Group Finance and Private Sector Development Team June 2012 Policy Research Working Paper 6107 Abstract Financial literacy programs are fast becoming a key ingredient in financial policy reform worldwide. Yet, what is financial literacy exactly and what do we know of its effectiveness? This paper collects insights from the literature thus far and summarizes global evidence on financial literacy, its correlates, and existing and upcoming causal investigations. The authors conclude with a synthesis of policy advice and practical suggestions for the way forward in this fast growing area of research. This paper is a product of the Finance and Private Sector Development Team, Development Research Group. It is part of a larger effort by the World Bank to provide open access to its research and make a contribution to development policy discussions around the world. Policy Research Working Papers are also posted on the Web at http://econ.worldbank.org. The author may be contacted at bzia@worldbank.org. The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development...
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...Into Africa Institutional investor intentions to 2016 An Invest AD report written by the Economist Intelligence Unit Into Africa Institutional investor intentions to 2016 Contents Foreword 2 Preface 3 About this research 4 Key findings 5 I. Introduction: a North-South role reversal 6 II. A hopeful decade: Africa’s changing image 8 III. Barriers to investment 11 IV. The new investment case for Africa 15 V. Investor perceptions versus market reality in key markets 18 Conclusion 20 Appendix: survey results 21 1 © Economist Intelligence Unit Limited 2012 Into Africa Institutional investor intentions to 2016 Foreword Africa is no longer a leap of faith Even well informed observers have written off Africa as riven by war, corruption and poverty, but since the emergence of China and India as economic growth engines, many are now asking whether this continent of one billion people can also achieve its own “economic miracle” . These are still early days but there is no doubting the promising signs, politically and economically. At a time of huge change, societies are showing that they can adapt, on the whole, peacefully. In the last year, Nigeria, Tunisia, Zambia and Rwanda have held elections hailed as free and fair by international observers, while a referendum created the new nation of South Sudan. Along with greater political stability, has come policy continuity and improved ...
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...Case Study on Barclays Bank Introduction This case study paper will analyze the economics of Barclays, one of the largest financial providers in the UK and in the world. It will also use Barclay’s example to illustrate the peculiarities of banking industry functioning. Overview of the Business Barclays is an international financial services provider operating in more than 50 countries and serving more than 42 million customers worldwide. It engages in commercial banking, investment banking, wealth management and asset management. Its commercial banking arm offers services to British and international customers, including current accounts, savings accounts, mortgages, insurance, credit cards and consumer loans. It has a majority stake in Absa, a major South African bank. It has recently acquired Russia’s Expobank and announced its intention to buy Indonesia’s Akita. Barclays’ investment banking and investment management business cluster consists of Barclays Capital, Barclays Wealth and Barclays Global Investors. Barclays Capital is an investment bank that also offers consultancy, financing and risk management services. Barclays Wealth provides private banking, asset management, stockbroking, offshore banking, wealth structuring and financial planning services. Barclays Global Investors is one of the world’s largest asset managers and providers of investment management products and services. Barclays’ net income amounted to £23,000 million in 2007, up from £17,333 two years...
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