January 2022
27Jan

Ghana. Some retirees under Second Tier receiving less than what is due them – Haruna Iddrisu

Minority Leader in Parliament, Haruna Iddrisu, has revealed that some retirees who are under the Second Tier pensions scheme are receiving less than what is due them at the moment. He described this as a disturbing situation that must be addressed immediately. The Second Tier is a defined contributory Occupational Pension Scheme mandatory for workers with 5% contribution made on behalf of members. The contribution is managed privately by approved Trustees. Speaking on the New Day on TV3 with Johnnie...

January 27, 2022
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20Jan

Ghana. NPRA to prosecute firms that refuse to pay 2-tier contribution for employees

The Manager of the National Pensions Regulatory Authority (NPRA) for the Bono, Bono East and Ahafo Region, William Ohene-Adjei, has indicated that his outfit is ready to prosecute institutions that refuse to pay the tier two contribution of their employees. Mr. Ohene-Adjei gave the indication during a sensitisation programme in Sunyani for the leadership of Anglican Dioceses of Sunyani on the need for people in the informal sector to embrace the 3-tier pension scheme. He urged the leadership of the church...

January 20, 2022
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18Jan

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...

January 18, 2022
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November 2021
25Nov

Ghana. Parliament asked to address imbalance in SSNIT finances

The Africa Centre for Retirement Research (ACRR), a research institute with focus retirement and pension, has called on Parliament, policymakers and stakeholders to take steps to address the “imbalance” in the finances of the Social Security and National Insurance Trust (SSNIT). It said that must be done through parametric and legislative reforms to safeguard SSNIT, claiming the Trust might not be able to pay full scheduled benefits on a timely basis by 2037 if nothing was done. ACRR said the examination...

November 25, 2021
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11Nov

Ghana. Employers must pay pension contributions of casual workers – TDCL

Tema District Council of Labour (TDCL) has called on the National Pensions Regulatory Authority (NPRA) to ensure that employers enrol their casual workers on pension schemes. Mr Emmanuel Addo-Kumi, Vice Chairman Tema District Council of Labour, told the Ghana News Agency that even though laws were covering the payment of pension for workers, some companies did not do so, especially for their casual workers. Mr Addo-Kumi said, “the casual workers are complaining, some companies don’t pay which is against the law,...

November 11, 2021
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05Nov

We’re not convinced about the genuineness of the scheme’s implementation — Cocoa farmers to stage demo against cocoa pension scheme

Members of the Ghana National Cocoa Farmers Association have threatened to embark on a massive demonstration against COCOBOD should government go ahead with its plans to implement the cocoa farmers pension scheme under the newly inaugurated board of trustees. According to the Association, they are not convinced of the genuineness and fair implementation of the scheme even though COCOBOD has inaugurated the Board of Trustees of the Cocoa Farmers Pension Scheme. They said their association, together with other cocoa farmer-based associations...

November 5, 2021
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02Nov

Ghana. NPRA raises alarm bells – Only 6% informal sector workers on pension scheme

Only about 600,000 out of an estimated 10.2 million workers in the informal sector are currently enrolled on at least a pension scheme, the Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Mr Hayford Attah Krufi, has disclosed. He said the figure represented just six per cent of all informal sector workers who form 85 per cent of the country’s entire active labour population. “As a regulatory authority, we are worried that only six per cent of workers...

November 2, 2021
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01Nov

Ghana. Government explores use of pensions funds for mortgage

The government is exploring the possibility of prospective home buyers using their Tier Two and Tier Three pension funds as initial deposit to support their mortgage plans. The Minister of Works and Housing, Mr. Francis Asenso-Boakye, who made this known, observed that the quest to provide access to housing for Ghanaians, especially low-to-middle income earners, required sustainable policies and programmes aimed at ensuring that the issue of affordable housing no longer became a myth but a possibility. At the maiden Business24...

November 1, 2021
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October 2021
25Oct

Ghana. Tier-3 Pension Scheme: Labour Minister seeks support to woo informal sector

The Minister of Employment and Labour Relations, Mr Ignatius Baffour Awuah, has called on traditional rulers to join hands with the new Tier-3 Pension Scheme by encouraging people in the informal sector to contribute to the scheme. That, he said, would enable people in the informal sector to enjoy voluntary personal pension payments to cater for their needs at old age. He said chiefs, as opinion leaders, had the clout to influence informal sector workers to take vital decisions such as...

October 25, 2021
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05Oct

NPRA targets to rope in 11 million workers into pension schemes

Mr. Alhassan Yakubu Fuseini, the Tamale Zonal Manager of the National Pensions Regulatory Authority (NPRA), says the Authority plans to rope in 11 million workers in the formal sector onto pension schemes. He said as the NPRA works to achieve its target, it would also ensure that coverage for the informal sector was increased from the current three percent to 40 percent by 2026. “In order to meet this goal, it will be critical for the pension sector actors including workers...

October 5, 2021
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