Parikalpana: KIIT Journal of Management

Open Access Open Access  Restricted Access Subscription Access

Pension Plans:Awareness among Private Sector Employees-An Empirical Study


Affiliations
1 MBA Department, K.S. Rangasamy College of Technology, Tiruchengode, Tamil Nadu, India
 

The main aim of the study was to examine the level of awareness of employees working in private sector in Salem and Erode districts of Tamil Nadu. The study was conducted with a view to find out the feasibility for investments in pension / group insurance plans. A wellstructured questionnaire was prepared and distributed among 300 working people in Salem and Erode and 284 valid responses were received and properly analysed through statistical software. It was found through the study that the employees do not have the sufficient level of awareness about various pension schemes available in the insurance market and also they do not know much about the benefits of the pension schemes. However, the study found that there is a fair amount of interest among the employees to know more about pension plans and was eager to make invest in pension plans / group insurance plants when they are properly advised on the various schemes available in the market. The study concludes with the suggestion to the insurance companies to run awareness compaign in the State to create more awareness among working people to make investment in pension plans and have their lives secured after retirement.

Keywords

Pension Plans, Group Insurance, Awareness Programmes, Security.
User
Notifications
Font Size

  • Inese Mavlutovaa, Stanislava Titovaa, Andris Fominsa, “Pension System in Changing Economic Environment: Case of Latvia”, Procedia Economics and Finance, Vol. 39, 2016, pp. 219 – 228

  • Kanchan Bharati, et al., “Social Security Schemes : A Case for Universalisation”, IIMB - Working Paper No: 49, 2015.

  • Landis MacKellar (2009), “Pension Systems for the Informal Sector in Asia”, Human Development Network, The World Bank, No. 0903

  • Praveen Jha and Nilachala Acharya, “Social Security for the elderly in India – a Note on Old age pension”, HelpAge India-Research & Development Journal, Vol. 19, No.2, May 2013, pp. 3-15.

  • Ranadev Goswami, “Indian Pension System: Problems And Prognosis”, Indian Institute of Management, Bangalore, 2001.

  • Roland Sigg, “A Global Overview on Social Security in the Age Of Longevity”, International Social Security Association, 2005.

  • Sanyal, Ayanendu and Singh, Charan, Universal Pension Scheme in India (August 15, 2013). IIM Bangalore Research Paper No. 420.

  • Shafie Mohamed Zabri, Kamilah Ahmad, Angelina Ann Loy Hui Lian, “The Awareness of Private Retirement Scheme and the Retirement Planning Practices among Private Sector Employees in Malaysia”, International Journal of Economics and Financial Issues, 2016, Vol. 6, No. 6, pp. 120-124.

  • Stewart, F. (2007), “Benefit Security Pension Fund Guarantee Schemes”, OECD Working Papers on Insurance and Private Pensions, No. 5, OECD Publishing. doi:10.1787/260604113335.

  • Sule, Kehinde Oluwatoyin, and Ezugwu, Christian Ikechukwu, “Evaluation of the Application of the Contributory Pension Scheme on Employee Retirement Benefits of Quoted Firms in Nigeria”, African Journal of Accounting, Economics, Finance and Banking Research, Vol. 4. No. 4. 2009, pp. 47 – 60.


Abstract Views: 455

PDF Views: 0




  • Pension Plans:Awareness among Private Sector Employees-An Empirical Study

Abstract Views: 455  |  PDF Views: 0

Authors

S. Ramesh
MBA Department, K.S. Rangasamy College of Technology, Tiruchengode, Tamil Nadu, India

Abstract


The main aim of the study was to examine the level of awareness of employees working in private sector in Salem and Erode districts of Tamil Nadu. The study was conducted with a view to find out the feasibility for investments in pension / group insurance plans. A wellstructured questionnaire was prepared and distributed among 300 working people in Salem and Erode and 284 valid responses were received and properly analysed through statistical software. It was found through the study that the employees do not have the sufficient level of awareness about various pension schemes available in the insurance market and also they do not know much about the benefits of the pension schemes. However, the study found that there is a fair amount of interest among the employees to know more about pension plans and was eager to make invest in pension plans / group insurance plants when they are properly advised on the various schemes available in the market. The study concludes with the suggestion to the insurance companies to run awareness compaign in the State to create more awareness among working people to make investment in pension plans and have their lives secured after retirement.

Keywords


Pension Plans, Group Insurance, Awareness Programmes, Security.

References





DOI: https://doi.org/10.23862/kiit-parikalpana%2F2017%2Fv13%2Fi2%2F164522