NPRA entreats informal business operators to plan for old age

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Economic Pension Scheme
Pension Scheme

The National Pensions Regulatory Authority, (NPRA) has entreated participants in the informal business sector to invest in their old age now to save them from hardships and associated difficulties.

The NPRA noted that a chunk of Ghana’s population was largely found in the informal sector and managing their micro, small and medium enterprises but lacked the knowledge on retirement preparation for a comfortable transition to old age.

Mr Ernest Amartey-Vondee, Director of planning and Research NPRA, therefore, noted the need for the participation of such a huge majority in the various pension schemes to ensure retirement income security.

He was speaking at the National Pensions Awareness week in Sekondi with some trade Associations in the Western Region.

The week would make knowledge available in most local dialects to traders across the length and breadth of the country to enable participants in the informal sector to make informed decisions for a beautiful old age.

The Director of planning reminded the Association members of the very important need to make a bold decision to invest in their old age, adding, “Let’s leave the over-reliance on our children…we need not rest also in poverty…the time is now to change our fortunes”.

Madam Leticia Baidoo, the Branch Manager Axis Pension Trust and one of the Trustees of the new three-tier pension scheme, educated the traders on the benefits of planning for a comfortable retirement with as low as 40 cedis a month.

She added that such insurance and Pensions policies gave hope in the case of an eventuality.

Madam Baidoo urged interested policy undertakers to inform people they would use as trustees on their policies to enable proper follow-ups and transfer of wealth should anything happen.

She said, “often, our partners and relatives don’t know about such investments and if we are no more such funds get stuck without anyone claiming it.”

Mr Daniel Dougan, a Trade Unionist, urged the leadership of the traders Association to follow up on the training acquired and get more of their members to be on the scheme.

Mr Fredrick Agyeman of the Western Regional Coordinating Council said good planning yielded good results and encouraged them to register for a better old age.

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