More than 57% of Ghanaian workers do not enjoy employee benefits – Old Mutual study

A study conducted by pan-African investment and savings firm Old Mutual has revealed that more than half of Ghanaian workers (57%) sampled in a survey do not have or enjoy employee products from their employer.

It found that of those that have employee benefits, health insurance and retirement funds were the most prevalent benefits for most employees in Ghana.

“Health insurance leads in both the formal and informal sector, whilst retirement fund membership is much more notable in the formal sector (52% vs 7% informal). About half of formal sector workers reported receiving financial information from their employers verses only 18% of informal sector workers, with most being indifferent on it being beneficial,” the study revealed.

Additional highlights of the annual report dubbed; Old Mutual Financial Services Monitor (OMFSM), revealed that financially distressed Ghanaians were higher among the lower income group (72%) and those in the informal sector representing (68%).

Meanwhile, the study indicated that less than 1 in 5 consumers had expressed confidence in the country's economy.

“This low level of confidence is reflected across the surveyed countries in Africa, namely SA, Namibia, and Kenya,” the OMFSM survey explained.

When it came to financial priority, income security was identified as the top priority for most Ghanaians (as well as across the surveyed countries in Africa).

It further showed that with regards to income, 44% sampled in the survey indicated that they rely on a single source of income, while about 1 in 4 (24%) are PolyJobbers – side-hustling, freelancing, and doing after hours work in addition to their regular job.

It noted that these PolyJobbers are more prevalent among those earning GH¢3000 or more (37%).

MA/NOQ

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