MANAGEMENT FUNCTIONS ON THE PERFORMANCE OF RETIREMENT BENEFITS SCHEMES IN KENYA
MANAGEMENT FUNCTIONS ON THE PERFORMANCE OF RETIREMENT BENEFITS SCHEMES IN KENYA
Gakunu John Felix Munene Kimathi - School of Management and Leadership, Management University of Africa, Kenya
Dr. Domeniter Kathula - School of Management and Leadership, Management University of Africa, Kenya
ABSTRACT
The Security of Retirement benefits and pension is critical in ensuring sustainability of a decent quality of life for retirees after their years of work are over. This is affected by poor management, investment and misappropriation of remitted contributions or money set aside for this purpose. Failure to remit resources into the pension schemes deprives members off their expected benefits and interest thereof. The purpose of this study was to ascertain the relationship between management functions and retirement benefit schemes in Kenya. The researcher has reviewed the resource life cycle theory, dependency theory, portfolio theory, and the agency theory. However, the researcher has anchored this study on the agency theory. The study population was 260 employees from CPF pension’s scheme. A sample size of 78 employees which is 30 % of the target population was selected under the stratified random sampling. This study was undertaken between the months of June 2022 and October 2022. The researcher used questionnaires primary data to collect data. Questionnaires administered personally to the respondents observing the Covid 19 guidelines. The participants were permitted time to peruse the questionnaires and see everything. Members were requested to respond to the questionnaires to the best of their knowledge. Statistical data analysis was computed through pivot charts, and represented through pivot tables and pivot charts. These findings show that planning and performance of retirement benefit schemes are primarily related. The findings of the study will assist with understanding the relationship between pension fund management practices and performance of retirement benefits schemes. This will hence contribute intensely to existing information and theory.
