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Exploratory on the Social Capital and Private Saving Theories for Integration of Voluntary Contribution to Pension Scheme in Tanzania

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  • Nyagwegwe Chaulo Wango

Abstract

The study reviewed two theories, namely Social Capital and Private Saving. Both explain the significance of voluntary contributions to the pension scheme. They used the approaches to offer insights into how voluntary contributions towards social security schemes are built up and their implication to informal sector actors. The study reviewed the social capital and private saving theories’ effect on voluntary pension scheme contributions. The two approaches were critically assessed on their relevance to voluntarily contributing to a pension scheme in Tanzania. They showed to embed important sociocultural attributes such as networks, mutual support, and norms that facilitate cohesive support between actors (individuals and organisations) governed by standards and trust that enable them to pursue shared goals and objectives for mutual benefit. Theories showed an emphasis on workers contributing to a pension scheme for the betterment of their retirement age. This is a critical time since senior citizens cannot continue to work due to old age.

Suggested Citation

  • Nyagwegwe Chaulo Wango, 2023. "Exploratory on the Social Capital and Private Saving Theories for Integration of Voluntary Contribution to Pension Scheme in Tanzania," European Journal of Development Studies, European Open Science, vol. 3(3), pages 156-162, April.
    • Handle: RePEc:epw:develo:v:3:y:2023:i:3:id:15283
    DOI: 10.24018/ejdevelop.2023.3.3.283
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    4. Nyagwegwe Chaulo Wango & Winston Edward Massam & Tatu Mtwangi Limbumba & Colman T. Msoka & Wilbard Kombe, 2022. "Exploring Social Protection Opportunities through Everyday Navigations of Women Informal Workers: The Case of Buguruni Food Vending Network in Dar Es Salaam," International Journal of Regional Development, Macrothink Institute, vol. 9(2), pages 1-1, December.
    5. Nyagwegwe Chaulo Wango, 2023. "Extension of the Pension Scheme Coverage to Informal Groups: A Case of Fishing Groups in Tanzania," European Journal of Development Studies, European Open Science, vol. 3(3), pages 57-63, April.
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