Employees Advised To Take Advantage Of Tax Incentives To Increase Contribution

Economics Ssnit Workers
Ssnit Workers

Formal and informal sector employees have been advised to take advantage of the tax incentives to increase their contribution to the pension scheme.

Mr. Stanley Ogoe, the Western Regional Director of the National Pensions Regulatory Authority (NPRA), who gave the advice, noted that the informal sector, contributions were more voluntary.

However, he said, there was a tax incentive aspect which employees could take advantage of to make their contributions.

Mr Ogoe, who was speaking at a stakeholder’s engagement in Takoradi, said the NPRA was focused on getting more people from the informal sector on the pension scheme.

He said some employers had been taken to court for non-compliance with pension contributions for their employees.

He noted that many employers had genuine issues, which the NPRA could help to resolve.

“We get them to sign payment agreement with the schedule in their payment after the roundtable to resolve issues. Moreover, the NPRA supports them not only in the financial aspect but encourages them to know that they can pay,” he added.

He said many pension contributors had misconceptions about their pensions but insisted that the supervisory regime was robust enough to safeguard their contributions.

According to Mr. Ogoe, there were three institutions checking on each other with the main interest of protecting contributors’ money.

He said the Authority was monitoring the three institutions and assured clients of full security concerning their contributions with keen investment guidelines to ensure that returns from clients’ contributions were secured.

He, however, called on the media to help educate employers and employees on the contributions to the pension scheme.


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