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NPRA raises alarm over majority of informal sector workers without pension plan

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Eleven million of the estimated 32 million Ghanaian population are workers. Over nine million are in the informal sector with less than two million in the formal sector.

Majority of workers in the informal sector, do not have financial support in their old age. This is because most people think pension schemes are only for the formal sector workers.

To change this misconception, the National Pensions Regulatory Authority, NPRA, is stepping up awareness creation among informal sector workers.

One of such programs has taken place at Asesewa in the Upper Manya Krobo District of the Eastern Region.

The Minister of Employment and Labour Relations, Ignatius Baffour Awuah used the occasion to pay 5,000 Ghana cedis for 10 young people from ten different associations to commence their pension scheme.

The gesture is to motivate and assure informal sector workers in Asesewa to invest in the pension scheme.

Mr. Baffour Awuah disclosed that he is targeting more than five million informal sector workers to enroll onto the Pension scheme.

He advised the people not to use their monies in purchasing funeral cloths but take interest in investing for their future.

He charged the NPRA to manage and protect the funds well so that the people can have something to rely in their old age.

The CEO of NPRA, Hayford Atta Krufi explained that a pension scheme is not only for formal sector or salaried-workers but every worker who is earning decent money. He said the scheme is divided into two parts which are savings account and retirement savings.

The Upper Manya Krobo District Chief Executive, Felix Nartey Odjao commended the Minister for selecting his District to be part of a sensitization programme to educate the informal sector workers on the relevance of the pension scheme.

Associations present included the Wood Workers Association, Hairdressers Association, Drivers Union Association, Farmers Association, Dressmakers Association, Christian Women Association, and Chainsaw Operators association among others.

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