53% of pensioners earn less than GH¢1,000 a month

53% of pensioners earn less than GH¢1,000 a month

The Director for Planning, Research, Monitoring, and Evaluation for the National Pensions Regulators Association (NPRA), Ernest Amartey Vondee, has asserted that about 53.3% of pensioners earn less than GH¢1,000 a month.

Speaking as a panellist during Old Mutual’s ɔbra Pa retirement salary stakeholder engagement programme held in Accra, Mr. Vondee said: “About 53.3% of people are on the Pension’s Minimum Payout of Less than GH¢1,000. We need to be able to enhance what people earn as pensioners. And to do this, the end goal is being able to diversify the pension contributions for proper enhancement”.

Old Mutual’s Ɔbra Pa retirement salary stakeholder engagement programme was themed ‘Retiring with confidence; how to live a fulfilled life with a retirement salary’ and attended by a host of people with varying backgrounds.

Old Mutual led the pack by recently launching a pioneering retirement product called ‘With Profit Annuity’ – dubbed ɔbra Pa Retirement Salary – to provide a guaranteed stream of income for retirees over the rest of their lives.

The ‘ɔbra Pa (which means ‘good life’) Retirement Salary’ was designed to help retirees experience all the good things they need in retirement. It helps them enjoy a customised plan tailored toward their unique needs while helping protect what matters most to them in retirement.

To become an ɔbra Pa Retirement Salary beneficiary, one has to be 50 years and above and invest a minimum lump-sum of GH¢20,000 upfront. In addition to the monthly salaries for individual policyholders, couples can also enjoy Joint Spousal Benefits when they take the policy together. There is also a funeral cover for all policyholders.

Old Mutual is an integrated financial services provider with a presence in 13 countries on the African continent. Old Mutual has 176 years of expertise in Life Insurance, Pensions and Banking Services across Africa. In Ghana, the brand is committed to leveraging its 176 years of expertise to partner with Ghanaians to help them achieve their financial goals.

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