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Over 700 workers in the informal sector have been advised to contribute into a pension scheme for their old age. The advice was given during a separate outreach programmes on the 3-Tier Pension Scheme organised by the National Pensions Regulatory Authority (NPRA) with support from the Swiss Economic Corporation (SECO) for workers in the Informal Sector in Koforidua and Ho.

The Corporate Affairs Manager of NPRA, Mr. Emmanuel Awuku Dagbanu, in a presentation, educated the workers on the 3-Tier Pension Scheme and the special pension scheme for the informal sectors workers. He took them through how they can participate in the Group and Personal Pension Schemes under the 3rd Tier Voluntary Scheme of the 3-Tier Pension Scheme. He said contributions from the informal sector workers will be divided into two accounts namely Retirement Account and Savings Account. He continued that members of the scheme can withdraw from the savings account to improve their businesses and payment of school fees while contributing. The accrued benefits in the retirement account is preserved till retirement of the member for the payment of monthly pensions.

The Corporate Affairs Manager said just as workers in the Formal Sector earn a regular income during their retirement, the Informal Sector workers who joined and contributed to a pension scheme under the Group or Personal Pension Schemes will also enjoy pension benefits in a form of a lump sum and monthly or quarterly pension at their old age.

He encouraged the workers present at both programmes to take their future lives into their own hands and stop depending on their children and families at their old age and urged them to take advantage of the Group and Personal Pension Schemes to secure their future retirement income. He called on the various groups such as Ghana Hairdressers and Beauticians Association, Tailors and Seamstress Association, Drivers Unions, Photographers Association as well as individuals present to register or join any registered pension scheme of any approved Corporate Trustees of their choice.

He allays their fears that the Authority on continuous bases monitors and supervises the activities of the trustees and other service providers managing the funds to ensure the safety of the funds.

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Over the years, concerns have been raised and agitations made by public servants over inadequacies of the level of pensions to sustain a respectable life for retired public servants. Of particular concern to most workers’ groups has been the low pensions received by workers ... | Readmore