Only 1% of the informal workforce in Ghana on pension scheme, according to Pensions authority

The National Pensions Regulatory Authority (NPRA) in Ghana has disclosed that only one percent of the informal workforce in the country is on the pension scheme.

Only 1% of the informal workforce in Ghana on pension scheme, according to Pensions authority

According to the NPRA, although workers in the informal sector constituted 85 percent of the country’s workforce, only one percent of them had registered on one pension scheme or another. This the authority described as unacceptable.

The Chief Executive Officer (CEO) of the NPRA, Mr Hayford Atta Krufi said this while he spoke to Accra based Daily Graphic on Tuesday, February 11, 2020.

He called for a deliberate national programme that will help change the mindset of the people towards investments, especially pension.

“People have little understanding of financial literacy and pension. Also, with happenings in the banking sector and failures with investments, any education that encourages people to put aside some money becomes very difficult,” he noted.

Mr Krufi admonished workers in the informal sector to consider registering on at least one pension scheme, particularly the voluntary one, which is the third tier pension scheme.

He said the third tier scheme was designed to cater for the peculiar needs of workers in the informal sector, adding that they could register with any of the 22 corporate trustees that had been approved and licensed by the authority.

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