Mr. Alhassan Yakubu Fuseini, the Tamale area director of the National Pensions Regulatory Authority (NPRA), said the Authority plans to hire 11 million formal sector workers in pension schemes.
He said that as the NPRA strives to meet its target, it will also ensure that informal sector coverage increases from the current three percent to 40 percent by 2026.
“In order to achieve this goal, it will be essential that stakeholders in the pension sector, including workers and employers, understand how the pension sector in Ghana works and how it can be scaled up to reach more people,” he said. he declared.
He observed that the knowledge, learning and best practices, which were essential factors needed to bring the pension sector to tackle the challenges effectively, were lacking.
Mr Fuseini said this when addressing stakeholders from both formal and informal sectors at the Regional Alliance for Pensions Learning Platform meeting held in Bolgatanga, capital of the Haut-Est region.
He noted that the theme of the meeting, “Boosting pension penetration in northern Ghana through learning and information sharing; the role of pension sector actors ”, was appropriate and more appropriate, asserting that“ we are at a time when the contribution to informal sector pensions is low ”.
Mr Fuseini said the intention of the meeting was to create a pensions sector in the Upper East region that would improve the quality of pension services and adapt to emerging changes in the sector in Ghana and beyond. .
The zone manager said it was estimated that around 85 percent of Ghana’s workforce worked in the informal sector, of which only one percent contributed to some form of pension scheme.
This, he said, which the NPRA considered laughable and indicated that the platform would allow them to share experiences that would stimulate lessons by peers among pension sector actors to inform improved practices in the pension sector in the region.
He assured that the NPRA would continue to partner with the various stakeholders to ensure the security of pension funds in order to guarantee secure income security for all workers during retirement.
Mr. Abdulai Abdul-Rahaman, Area Office Corporate Affairs Officer, stressed the need for workers to regularly update their information with the Social Security and National Insurance Trust (SSNIT).
“If you don’t update your records and eventually retire, you will have difficulty accessing funds. For example, if your date of birth is not entered correctly, this will be a problem. Some people have different dates of birth with SSNIT and the employer.
He said SSNIT was a human institution that could make mistakes: “This is why we have to regularly update our records. Once there is a real mistake and their attention is drawn to it, they can correct it ”.
Mr. Kwaku Appiah Twimasi, Director of SSNIT’s Bolgatanga Branch, said: “Some people have never verified their statements for about 20-30 years and as they approach retirement they realize that the employer did not pay their dues. If you check back regularly, you will know where the problems are so we can fix them, ”he advised.
Mr. Augustine Adongo Apambila, Upper East Regional Secretary of the Congress of Trade Unions (TUC), thanked the NPRA for organizing the meeting, as it gave TUC members the opportunity to ask critical questions and ask clarification of areas of concern.