Workers in the informal sector have been urged to take advantage of the opportunities that have been presented to them because of the pension reforms to prepare adequately for their retirement.
A team from the World Bank has visited Ghana to study the pension module being employed by People’s Pension Trust Ghana in ensuring informal sector workers across the country have a secured retirement during their non-working years. The visit comes closely on the heels of another ongoing project between the company and the World Bank’s Consultative
The National Pensions Act 2008 (Act 766) established the NPRA as the operator, administrator and regulator of the three-pillar system. Ghana’s pension scheme, as in many African nations has colonial origins and dates back as early as the 1950’s, with the Pensions Ordinance Number 42 (Cap 30).
People’s Pension Trust (PPT) is set to carry out baseline study into informal sector pensions with funding from the World Bank. The project is to establish the behavioral patterns of farmers towards savings for the future between November 2017 and April 2018.
GENEVA — Month to month, an informal worker in Ghana can’t be sure exactly how much money she makes.
Workers within the informal economy like farmers, fishermen, market women, traders and drivers among others can now save towards retirement like their counterparts in the formal sector. This follows the launch of a pension scheme specially designed to cater for the informal economy workers.
A new partnership has been signed by People's Pension Trust, Vodafone Ghana, operators of Vodafone Cash and Dusk Capital, a fund management company to provide easier and quick pension solutions to all workers in Ghana particularly those in the informal sector. The mobile money enabled pension scheme was launched at a short ceremony in Accra Ghana.
In accordance with Section 80 of the National Pensions Act, 2008 (Act 766), the Social Security and National Insurance (SSNIT) has increased the monthly pension of pensioners by 18% for the year 2017. Current pensioners on the SSNIT Pension as at December, 2016 will have their pensions – This translates into the following after redistribution:
The latest Corporate Trustee in Ghana, People’s Pension Trust Ghana Limited has begun full operations with a pledge to change the face of informal pensions administration in the country. We are targeting to provide at least 500,000 Ghanaians in the informal sector with easy and secured channels...