Applying Maslow's Hierarchy Theory

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2.11: Theoretical Framework of Social Security Benefits 2.11.1 Related theory to social services 2.11.2: Maslow’s hierarchy theory by Abraham Maslow Maslow 's hierarchy of needs is a theory in psychology, proposed by Abraham Maslow in his 1943 paper A Theory of Human Motivation. In his theory, Maslow argues that most people are motivated by the desire to satisfy specific groups of needs. These needs include physiological needs; person’s needs for food, drink, shelter, sex, clothing, and other physiological requirement. Safety needs; person’s needs for stable environment relatively free from threats, meaning that needs for security and protection from physical and emotional harm, as well as assurance that physical needs will continue to be …show more content…

Until a particular group of needs is satisfied, a person’s behavior will be dominated by them. In addition, Maslow separated the five needs into higher and lower levels as he considered physiological and safety needs as lower-order needs and social, esteem, and self-actualization needs as higher-order needs. So from this theory it is seen that the importance of social security comes in where people thought of protecting themselves against any risks and vulnerabilities in the coming near future. Although in the security part of his theory, Maslow covers lots of things. The important aspect to note is that, in this aspect of security, Maslow considers the well-being of person’s body, health, family and property which are among the essentials in the social security institution …show more content…

(2009). Through the use of prescribed assets (PAs) governments also gain access to their economy’s pension savings as well as influence investment resources into particular sectors of the economy. Here are some of the investment of SSNIT through pension funds and its impact on the various sectors of the Ghanaian economy; 2.13.1: Financial Sector The Trust is the largest single institutional investor on the Ghana Stock Exchange and the main driver of the development of the Capital Market in Ghana. SSNIT currently holds a significant number of shares listed on the Ghana Stock with twenty-two (22) out of the thirty-five (35) listed companies. SSNIT’s holdings on the Ghana Stock Exchange was GH¢ 1,764.21 Million as at December 2015 representing 3.1% of the total market capitalization of GH¢57,116.87 Million and 15.8% of the domestic market capitalization. The Trust has investments spread in seven sectors namely Manufacturing, Finance, Insurance, Distribution, Food & Beverage, Mining and

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