Attitudinal factors that affect employee retirement savings in cooking oil manufacturing companies in Zimbabwe

Abstract

Chazuza Tendai, Mapira Nyasha, Keche Elijah, Negwaiya Edward, Mlingwa Margret,

This research sought to find attitudinal factors which affect employee retirement savings in the cooking oil manufacturing companies. The research used a case study approach, where a sample of 120 employees out of a population of 1200 employees was used. The population was stratified into levels, the management and lower level employees. Simple random sampling was then employed to come up with a sample size of 120. Questionnaires and interviews were used to collect data. The research found that retirement savings are affected by uncertainty about one’s health, status, life expectancy, salary range, education level, marital status and level of consumption among others. However, the research also found that employers have to do their part to positively influence retirement savings, by sponsoring uneducated employees to acquire the necessary knowledge to motivate them to save for retirement. Quarterly and semi-annually seminars and conferences must be organised and it must be a statutory mandate that every employee attends such educational functions and sign as confirmation of attendance. This improves quality of education and can positively impact on retirement savings. The sample was limited to two companies out of three, due to limited funds.

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