RETIREMENT PREPAREDNESS OF PUBLIC SECTOR EMPLOYEES IN CAMEROON: THE CASE OF CIVIL SERVANTS IN THE BUEA MUNICIPALITY
By: Isatou Jah, Bongne Ndeh Franquie, Mbanyam Patience Anyeh | Department of Business and Management Studies | Human Resource Management
ABSTRACT
Many employees often approach retirement with mixed feelings as they exit service. To many civil servants, it represents a transition from the known to the unknown. After retirement, income shrinks and financial expectations become less visible. This is because policies are not well implemented to the latter, leaving retirees’ lives hanging on the balance in their old age. Management of life after retirement entails planning for the unpredictable and unavoidable new lifestyle when one withdraws from active service. Thus, this study aimed at assessing the retirement preparedness of public sector employees in the Buea Municipality. Specifically, the study sought to assess the state of preparedness for retirement base on individual knowledge, attitude, behaviour, and perception concerning retirement preparedness; to find out retirement preparedness of civil servants in the Buea Municipality regarding the following dimensions: financial security, health, lifestyle and housing and finally, to identify the various challenges that civil servants face in their quest to retire. Using a random sampling method, with a study population of 449 civil servants. Questionnaire were used for data collection and the data were analyzed using descriptive statistics which included frequency tables, pie and bar charts, chi square (cross tab) with the help of SPSS. The findings reveals that 54% of the civil servants in the Buea Municipality are knowledgeable about financial preparation for retirement. 54.7% perceived their life in the near future as good and 42% are ready to retire when the time comes. The findings also shows that about 58.4% of civil servants in the Buea Municipality are not financially secured for their future in retirement. 70.8% have not prepared an estimation for their post retirement and 55.9% are renting and do not own a house. Finally, the study found out that inadequate financial preparation, lack of proper accommodation, limited knowledge on financial security, bureaucratic of retirement process, difficult adjustment to retirement, trouble finding things to do during retirement are some of the key challenges faced by public sector employees in the course of retirement preparation. The study recommended amongst others that retirement planning training be undertaken often to educate the employees on the different criteria and dimensions of retirement preparedness. The study also recommends that employees should develop the habit of saving and investing in other income generating activities to guarantee financial sustainability upon retirement.
Keywords; Retirement, Retirement Preparedness, Civil servant, Financial Security