Determinants of Longevity amongst SSNIT Pensioners in Ghana

Abstract

This paper statistically analysed pensioner longevity in Ghana. It fundamentally sought to ascertain the significant determinants of longevity amongst Ghanaian pensioners, specifically, SSNIT pensioners by estimating the mortality rate of SSNIT pensioners, determining the factors that significantly affect the longevity of the average SSNIT pensioner and constructing a predictive model for predicting the longevity of SSNIT pensioners in Ghana. Secondary data was obtained from the leading pension provider in Ghana, SSNIT. The results of the study revealed that the total number of male deaths was significantly greater, about four times more, than the total number of female deaths. There was sufficient evidence that there exists a lower rate of death among female pensioners as compared to male pensioners. Furthermore, a significant number of the SSNIT pensioners used in the analysis survived less than 8 years after retirement before their death and the average basic salary of the pensioners who lived less than 8 years after retirement was GH 7741.827 cedis and served for 35.65 years on average. On the contrary, it was observed that pensioners who lived more than 8 years after retirement had an average basic salary of GH 5544.20 cedis and served for 31.49 years on average. In conclusion, predictors such as basic salary, the number of years of service in the workforce, the age of the pensioner before death and the gender of the pensioner were statistically significant in predicting the number of years a SSNIT pensioner survived after retirement before death that is, whether a particular SSNIT pensioner survived less than 8 years or 8 years and above after retirement. The authors recommend to employees that, their health should be of great priority as every increase in the service year increases the likelihood of a SSNIT pensioner surviving less than 8 years after retirement by 22.36%.