Take advantage of pension reforms – Informal sector workers told

A Deputy Corporate Affairs Head of the National Pensions Regulatory Authority (NPRA), Rosina Akrofi, has urged workers in the informal sector to take advantage of opportunities arising from pension reforms.

She said the opportunities will help them prepare adequately for their retirement.

At the unveiling ceremony of People’s Pension Trust’s ‘Me Daakye’ House at the Malatta Market in Accra, Ms Akrofi highlighted the supervisory functions of the Authority and its regulatory framework.

The ‘Me Daakye’ House is an improved version of the traditional kiosk and will serve mainly as a customer service station providing relevant and timely pension education and information to traders and other informal workers in and around the market.

It is the first of many the company intends to install across the country.

The need to make the company accessible whilst providing customers with a fast, safe, and secured pension service is the driving force behind this move.

Madam Rosina Akrofi, Assistant Manager, NPRA Corporate Affairs, addressing participants at the event

It is also to ensure that a majority of informal workers can have a pension plan, so they do not fall into old age poverty.

According to Ms Akrofi, they attach so much importance to their work, giving the assurance the Authority would not hesitate to withdraw the license of any trustee that operates contrary to the law.

She said her outfit has noted with concern the fears of traders who have become very skeptical of financial products due to the recent spate of fraud perpetrated by some microfinance companies.

Chief Business Development Officer of People’s Pension Trust (PPT) Kofi Polley reiterated his company’s commitment to providing pension for all, especially workers in the informal sector.

He said the many examples of people working assiduously during their active years but retiring without a reliable source of income and the need to change that situation is the company’s ambition.

He acknowledged that one’s financial demands could get overwhelming and, often, a pension plan is the last of people’s financial goals, adding it is the reason the pension product has been designed to give the customer the flexibility to pay any amount at any time.

He, however, stressed the importance of paying significant amounts to ensure a meaningful retirement.