NPRA to launch massive pension awareness month, targets informal sector

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The National Pensions Regulatory Authority (NPRA) said it was taking immediate action to expand social security coverage in Ghana.

According to the Authority, only around 600,000 of the approximately 10.2 million workers in the informal sector are currently enrolled in at least one pension scheme.

The NPRA is therefore ready to deploy a number of policy measures aimed at addressing the apparent exclusion of the informal sector with regard to retirement planning.

The Authority’s General Affairs Officer, Nana Sifa Twum, said, “We have started massive education. Last year, for example, we held what we call Pension Awareness Week.

“Next week we are starting one for this year and our main market entry will be at Dambai in Oti region.”

“We are going to have a massive week-long program to get in touch with groups, associations and institutions; we were bringing them together, talking to them and motivating them to be on retirement (diets),” he revealed.

He also said that the NPRA was engaging religious bodies, the GPRTU and other groups to intensify education.

This comes against the background that workers in the informal sector want the NPRA to expand its coverage to include them.

A trader who spoke to JoyNews Thursday January 13 indicated that “We grow up but we have nothing, the little we have here, we take advantage of it and afterwards, you have nothing”.

“A time will come when you can’t do anything, the little you have you will use for the children… there is nothing like education, so if they educate us about it, we will be happy, then the people will understand it more instead of doing ‘Susu.'”

SSNIT revises retiree benefits up 10%

Meanwhile, the Social Security and National Insurance Trust (SSNIT) has adjusted monthly pensions upwards by 10% for 2022.

This is to help maintain the purchasing power of retirees.

The decision was made in consultation with the National Pensions Regulatory Authority (NPRA) in accordance with Section 80 of the National Pensions Act 2008 (Act 766).

In a press release dated January 11, SSNIT said that all retirees on its payroll as of December 31, 2021 “will see their monthly pension increased by a fixed rate of 9.68% plus a redistributed lump sum of 3 .44 GH¢”.

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