Ghana. Lack of Pension plan for informal sector workers puts financial burden on youth and retirees
Workers in the informal sector face a lot of problems as they get older and retire.
Many people have hung on to misconceptions and falsehoods about pensions throughout the years.
But the failure to set up a pension plan frequently places a financial burden on the children of retirees. Many in the informal sector cringe at the mention of pension or end of service benefits.
Seventy-four-year-old Obaapanin Yaa Ampomaah sells yam at Ayigya Market in Kumasi.
She has been selling this food stuff since age nine (9). At age 74, she should have retired, but she is unable to do so.
“Months ago, some officials from pension companies wrote down our names. Till now, we have not heard anything from them,” she said.
Obaapanin Ampomaah had little education on pension contributions. She is rather hoping her retirement needs will be taken care of by her children.
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