A total of GH?193,116,008.95 in employees’ pension funds held in a temporary account at the Bank of Ghana ended up utilized in registered schemes, Dr. Nii Kwaku Sowa, Board Chairman in the National Pensions Regulatory Authority (NPRA), has announced.
This, he stated, was done between November and December 31, a year ago, after preconditions for such transfers ended up being satisfied.
He was speaking on the official opening within the Kumasi Zonal Office with the NPRA, the first one to be established beyond your Accra Home office.
The presence and visibility of the Authority inside the nation’s second largest city, is supposed to provide providers, employers and workers the opportunity deepen their familiarity with the revolutionary pensions scheme and implementation.
Dr. Nii Sowa said it had to date registered 256 schemes below the mandatory second-tier occupational pension scheme as well as ensure compliance, the NPRA had begun implementing its sanctions regime.
They were keen to see to your proper implementation within the pension scheme, that he said, offered the Ghanaian worker, best income security after retiring from active service.
He underlined its resolve to further improve coverage for all inside formal and informal sectors.
Employment and Labour Relations Minister, Mr. Haruna Iddrisu, pledged the government’s determination to ensure there was retirement security for people.
It would therefore insist that employee contributions were properly invested, he added.
The Minister used the occasion to hint of your decision to wean the NPRA off government subvention.