An Assessment of Pension Insurance on the Socio-Economic Life of the Retired Population in Buea-Cameroon

Abstract

This work aimed at evaluating the impact of pension insurance on the socio-economic life of the retired population in Buea-Cameroon. The objectives of the study were to appraise the policies and procedures used to obtain old age pension and old age allowance, and to assess the impact of old age pension and old age allowance on the socio-economic life of the retired population in Cameroon, precisely the Buea municipality. To achieve these objectives, the researcher came out with methods of data collection which included questionnaires that were administered to respondents in Buea and interviews. The said data were analysed with the help of simple regression and it was discovered from the analyses that an increase in old age pension and old age allowance will better off the socio-economic life of the retired population. Moreover, this relationship also portrays that, a fall in old age pension and old age allowance will worsen off the socio-economic life of the retired population. From these findings, the researcher recommends that, the National Social Security Fund should be able to hold seminars and give advices to the retired population on how they could better manage their retirement income, which will enable them to meet up their standard of living and satisfy their basic necessities such as their health, children’s education, feeding and many others.