The National Pension Regulatory Authority (NPRA), under the auspices of the Ministries of Employment and Labour Relations and Ministry of Finance says it is set to launch its first-ever National Pensions Awareness Week.
According to NPRA, the launch which is scheduled for tomorrow will be announced by the Minister for Employment and Labour Relation, Ignagious Bafour Awuah at the Koforidua Jubilee Park in the Eastern Region.
The maiden Pension Awareness Week celebration and will be a week-long programme will be under the theme, "Total Participation in Pensions to ensure Retirement Income Security,"
The event is expected to provide the platform to engage stakeholders on the development of pensions to invigorate a nationwide awareness on pensions.
In a release sighted by Thinknewsonline.com, the NPRA has outlined specific venues for the various activities
"Launch will come off at Koforidua, sensitisation of Cocoa Farmers will also be held in Sunyani whiles an Informal Sector Forum will take place in Kumasi, Prempeh Assembly Hall"
Others include; a Public Lecture at UEW, Winneba, a visit to Traditional and Religious Leaders at the Accra & Zonal Offices, Markets Activation at Ho, Commissioning of Tema office in Tema and media activities across Ghana.
The other activities to mark the week include visits by Management to Private Institutions such as Driver Unions, Beauticians Association of Ghana, Traditional Councils, Christian Councils across the country.
The Authority will also use the occasion to engage the media to drum home pension matters and make known the activities of the NPRA to the general public.
There would also be programmes at the markets, communities and workplaces to sensitise workers: public lectures, stakeholder engagements and quiz programme for students.
The National Pensions Regulatory Authority (NPRA), under the National Pensions Act, 2008 (Act 766), has been implementing the contributory Three-Tier Pension Scheme since January 2010.
The Authority is the sole regulator of the pension industry in the Republic of Ghana.
This is done through effective policy direction to secure retirement income for the retired and the aged in Ghana.
As part of its mandate, the Authority has been actively engaged in education and sensitization on all pension-related matters in the country for the past ten years.
The data available indicate that the pension coverage in the country is still low.
Despite the enormous efforts by the Authority to whip up the interest among the Ghanaian working populace, especially those in the informal sector, to register on pension schemes, the Authority believes there is more to be done to raise the awareness on pensions in the country.
It is estimated that about eighty-five percent (85%) of the working population in the country is found in the informal sector.
The need for these workers to be on pension schemes has been a primary concern to the Authority.
This needs to be done to reduce poverty and other old age and retirement challenges ahead of the Ghanaian worker within the coming years.
The situation appears worrying primarily due to Ghana's aging review.
More and more older people find themselves in a difficult financial situation when they reach retirement age because of a lack of sufficient savings and as housing costs and medical expenses rise.
Many people in the informal sector reaching retirement age do not have any of the pensions schemes that some workers in the formal sector have and often have not put enough money into savings.
The Authority has therefore embarked on a strategy to engage workers in the informal sector to whip their interest and also encourage them to understand and appreciate the urgent need to register for a pension scheme to ensure retirement income security for all Ghanaians.
Activities during the week will also help in bridging the knowledge gap among some key stakeholders and, in the long run, improve participation in pensions and retirement planning.
The NPRA says it still remains committed to provide assistance and support to the general public and Ensuring Retirement Income Security.
Story by: Joshua Kwabena Smith
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