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.
The advice was given by the Deputy Corporate Affairs Head of the NPRA, Rosina Akrofi, at the unveilling ceremony of People’s Pension Trust’s ‘Me Daakye’ House at the Malatta Market here in Accra.
She highlighted the supervisory functions of the authority and its regulatory framework and reiterated the importance they attach to their work – giving assurance the authority will not hesitate to withdraw the licence of any trustee that operates contrary to the law. She said this to allay the fears of traders who have become very sceptical of financial products due to the recent spate of fraud perpetrated by some Micro Finance Companies.
Kofi Polley, Chief Business Development Officer of People’s Pension Trust, reiterated the company’s commitment to providing pensions for all – especially workers in the informal sector. He said there are 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 can get overwhelming, and often a pension plan is the last of people’s financial goals; but he added this the reason the pension product has been designed to give customers the flexibility to pay any amount at any time. He however stressed the importance of paying significant amounts to ensure a meaningful retirement.
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 itself accessible while providing customers with a fast, safe, and secured pension service is the driving force behind this move. It is also to ensure that the majority of informal workers can have a pension plan, so they do not fall into old-age poverty. People’s Pension Trust is poised to be the market leader in the pension industry in Ghana by continuing to develop innovative strategies that ensure informal sector workers are adequately covered.