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NPRA Targets 80% Informal Pension Enrollment

The National Pensions Regulatory Authority (NPRA) has disclosed of plans to achieve at least 80 percent subscription by informal sector workers within the short to medium term.

The pensions’ regulator believes the move which will largely be on the Tier 3 pension scheme, will promote financial inclusion and increase insurance penetration.

“We have about 13 million active workforce engaged in the informal sector. So doing the calculation, you will recognize that if we target about 85 to 90% of that, then we will be having an estimated 10 million being enrolled onto the pension schemes,” the Director of Research Monitoring and Evaluation at the NPRA, Ernest Amartey-Vondee told Citi Business News.

The number of informal sector workers not enrolled onto any pension scheme is currently estimated at 13 million.

Mr. Ernest Amartey-Vondee also tells Citi Business News his outfit has among others intensified its sensitization to ensure pension fund managers deliver cutting edge solutions to their members.

“As the industry regulator, we make sure that we conduct seminars, outdoor events and other educational programs to get a lot of people in the informal sector to voluntarily enroll onto the pension scheme.”

Meanwhile the NPRA has also indicated of plans to release the amount realized in the Temporary Pension Fund Account for fund managers of public sector pension contributors.

The amount which is reported to have reached million of cedis has instigated a lot of agitations from the public sector workers.

But the executives of the NPRA believe the successful constitution of fund administrators for the various schemes should quicken the release of the funds currently with the Bank of Ghana.

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