GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music
No Result
View All Result
GhanaStar
No Result
View All Result
Home Top Stories

NPRA Introduces Incentives To Attract More Pension Funds

April 11, 2017
in Top Stories
Share on FacebookShare on Twitter

The National Pensions Regulatory Authority (NPRA) has initiated measures to encourage high participation of Corporate Trustees to maximize the coverage of persons in the informal sector.

You Might Also Like

Prominent Ghanaian Leaders and Clergy Honor Late Apostle Dr. Michael Kwabena Ntumy at State House Funeral

Vice President Bawumia Shares Inspiring Journey from Oxford University to Political Success

The Diverse Currencies of Africa: Impact on Economic Growth

The incentives include the reduction of some licensing fees and the waving off of others to increase funds available to trustees.

Among the licenses reduced include; individual Trustee Informal Sector Licensing fee which has been slashed from five thousand to five hundred cedis.

Also, the Informal Sector Scheme Registration Fee has been reduced from five thousand to one thousand Ghana cedis.

In addition, the NPRA has waived the 0.33% fees on Net Asset Value for two years to be distributed as follows: Trustee fee 1.49%, Reduction in total fees 2.33%.

According to the NPRA, the rationale is to make more funds available for Trustees by increasing their fees and also match up contributions of members by reducing the total fees from 2.5% to 2.33%.

Meanwhile, the Pension Fund Managers and Custodians fees have been fixed at non- negotiable fees of 0.56% and 0.28%.

The rational of this is to enable them to have enough funds to effectively perform their assigned roles to ensure prudent management funds.

According to the regulator most insurance companies focus on the fifteen percent formal sector workers to the neglect of the eight five percent in the informal sector.

Speaking to Citi Business News on the issue, Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Attah Krufi said he is optimistic the introduction of the incentives would increase the number of informal workers currently on pension schemes.

“The incentives is geared towards the industry players to help them move towards the eighty five percent of the people in the informal sector but most of the people here today are those targeting the fifteen percent in the formal sector,” Mr. Attah Krufi said.

He added“…for us as NPRA one of our core mandates is to educate and sensitize people to understand that the pension is not only for persons in the formal sector but also the informal sector so we continue to engage them and do a lot of outreach education.”

Hayford Attah  Krufi made these comments at the sidelines of a meeting the stake holders in the pension sector.

Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.

(Via: CitiFM Online Ghana)

Tags: Attah KrufiBusiness_FinanceChief Executive OfficereconomyfinanceFinancial servicesghanaindividual TrusteeInformal sectorinsurance companies focusInvestment Management & Fund Operators - NECLabormoneyNational Pensions Regulatory AuthorityPension Fund ManagersPensionsPersonal financeSocial IssuesSocial lawTrustee

Related News

Prominent Ghanaian Leaders and Clergy Honor Late Apostle Dr. Michael Kwabena Ntumy at State House Funeral

Prominent Ghanaian Leaders and Clergy Honor Late Apostle Dr. Michael Kwabena Ntumy at State House Funeral

by ghanastar
February 25, 2024
0

In a poignant ceremony held on Saturday, February 24, 2024, at the Forecourt of the State House, hundreds of mourners...

Vice President Bawumia Shares Inspiring Journey from Oxford University to Political Success

Vice President Bawumia Shares Inspiring Journey from Oxford University to Political Success

by ghanastar
June 17, 2023
0

In a heartfelt revelation of his life's journey, the Vice President of the Republic, His Excellency Dr. Mahamudu Bawumia, spoke...

The Diverse Currencies of Africa: Impact on Economic Growth

The Diverse Currencies of Africa: Impact on Economic Growth

by ghanastar
June 17, 2023
0

Africa, a continent rich in cultural diversity, is home to a vast array of currencies. With 54 recognized countries, each...

Suicide at Aburi Botanical Gardens: Man Found Dead

Suicide at Aburi Botanical Gardens: Man Found Dead

by ghanastar
January 14, 2023
0

A man, believed to be in his fifties, has died by suicide in the Aburi Botanical Gardens in the Eastern...

Next Post

Merge To Meet Capital Requirement- NIC Urges Insurance Companies

Oscar Penalty Miss As Silva Bullet Sinks SIPG

Categories

  • Africa & World
  • African Music Lyrics Directory
  • Business
  • Business Directory
  • celebrities
  • Computing
  • Diaspora
  • Entertainment
  • Events
  • Feature
  • Featured
  • Ghana Elections 2016
  • Headlines
  • Health
  • International
  • Internet
  • Jobs
  • lifestyle
  • Music
  • News
  • Offbeat
  • Opinion
  • Politics
  • Profiles
  • Religion
  • Security
  • Seth Terkper
  • Smart Home
  • Social Networks
  • Sports
  • Technology
  • Top Stories
  • World News

Tags

accra addo africa Association football Banks - NEC business Business_Finance chairman Donald Trump economy education Entertainment_Culture environment Geography of Africa ghana Ghanaian people government Government of Ghana Human Interest John Dramani Mahama john mahama Law_Crime mahama minister MPs elected in the Ghanaian parliamentary election Nana Addo Nana Addo Dankwa Nana Akufo-Addo National Democratic Congress National Democratic Congress (NDC) New Patriotic Party New Patriotic Party (NPP) nigeria politics Politics of Ghana president Social Issues Social Media Social Media & Networking sports United Kingdom United Nations United States Vice President War_Conflict

Recent Posts

  • Government of Ghana Unveils Official Portraits of President John Dramani Mahama and Vice President Prof. Naana Jane Opoku-Agyemang
  • Who Is the Woman (Sheena Gakpe) in Sarkodie’s Latest Hit “No Sir” and Why Everyone Is Talking about It
List of Ghana Holidays for 2020
Ghana Geocoding
Ghana Cedis Exchange API
Ghana Maps Service
Toyota Cars Auto Auction History
  • African Music Lyrics Directory
  • Business Directory
  • Diaspora
  • Top Stories

All rights reserved © 2021 GhanaStar.com

No Result
View All Result
  • News
  • Sports
  • Entertainment
  • Politics
  • Business
  • Music

All rights reserved © 2021 GhanaStar.com