Knowledge of Bolt Drivers on Retirement Benefit Contributions in Pension Schemes from Tanzania

Abstract

Contribution in pension schemes is one of literature underscores the fact that only minority members of society joined the existing pension schemes, and little is known about why a large group of the workforce doesn’t participate in existing Pension schemes. This study, sought to assess the knowledge of bolt drivers towards retirement benefits contribution in schemes of pension at Tanzania. The study used a descriptive study design. The population for this study consisted of private car drivers operating in the City of Dodoma and registered with Land Transport Regulatory Authority in Tanzania (LATRA) as well as a member of self-help. Primary data was collected using self-administered questionnaires and data was analyzed using descriptive statistics of mean, standard deviation, and multiple regression analysis respectively to test the relationship between independent and dependent variables and presented in Tables. The study found that there is a positive linear relationship between the level of knowledge and a negative linear relationship between self-help organizations with participation in a pension scheme. Demographic characteristics revealed that they moderate the relationship between factors influencing participation in the pension schemes and both were as well significant. The study recommends government to make policy reforms by introducing an incentive policy to influence Saving and administratively existing Pension schemes to strengthen and repackage the information being aimed to the mass on the importance of pension to include bolt drivers' needs and designing programs on education and training to initiate and foster bolt drivers’ participation to the Pension scheme. 

Keywords:       Private Car Drivers, Retirement Benefits.