Factors determining the effectiveness of Retirement Benefit Schemes in alleviating old age poverty in Kenya: the case of Kisauni District
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The study was to investigate factors determining the effectiveness of retirement benefit schemes in alleviating old-age poverty in Kenya with a special focus on Kisauni District. This research problem was studied through the use of a descriptive survey design. The target population of this study was the retirees and the provincial administrators in Kisauni District who included the District Commissioner, District Officers, Chiefs Assistant Chiefs and Village Elders. From the target population of 1176 a sample of 11 % of the respondents was selected using stratified random sampling. This generated a sample of 130 respondents. This study collected data using a self-administered questionnaire and face to face interviews. The researcher dropped the questionnaires physically at the respondents' place of work. The researcher carried out a pilot study to pretest the validity and reliability of data collected using the questionnaire. Data collected was purely quantitative and it was analyzed by descriptive analysis. The descriptive statistical tools helped the researcher to describe the data and determine the extent used. The findings will be presented using tables. The study concludes that government policy on retirement benefit schemes affects reduction of old age poverty. The government policies on retirement benefit are not effective as the amount issued is too low to sustain, delayed payments tum pensioners into beggars after they have borrowed and it slightly improves living condition and it has improved the level of poverty reduction at old age it enhances transparency and public accountability. The study also concludes that the lifestyle of retirees on retirement benefit schemes affects old age poverty reduction. The current lifestyle trend does not reduce poverty and instead it increases poverty and that one needs more investment to live comfortably, stringent and thrift measures at early age affect old age positively, investing in early age reduces old age poverty, lifestyle has no bearing effects, and there are little savings and lifestyle affects a lot on old age poverty reduction. The study further deduces that the number of dependants of the retiree helps in reducing old age poverty. The number of dependants of the retiree helps in reducing old age poverty, the current lifestyle seems to be moving positive other than negative, the higher the number of dependant the higher the spending thus eating or reducing the little a retiree receives. The study finally concludes that various types of occupational retirement benefit schemes affect poverty reduction among the old people. The study recommends that government policies and regulations on retirement benefit schemes should be reviewed to enhance reduction of old age poverty. The study also recommends that since the lifestyle of retirees on retirement benefit schemes affects old age poverty reduction, then the relevant authorities should offer a helping hand to assist the retirees in facing the economic transitions, social and economic lifestyles arising from the transition to guard them against the risk of poverty in old age. On the number of dependants, the study recommends that the retirees should be enlightened on managing the number of dependants in terms of the amounts received and how to distribute them to cater for the dependants needs, investing in early age. The study finally recommends that since various types of occupational retirement benefit schemes affect poverty reduction among the old people, the retirees should undergo prior training on the various types of occupational retirement.