Third tier pension could secure employees’ loyalty – says GCSL
Mr Kwaku Bamfo, Assets Manager of Gold Coast Securities on Wednesday advised employers to woo and retain quality job seekers by topping up employees’ contributions to the third tier pension contribution.
He said today’s job seekers are more concerned about their pensions hence the need for employers to be strategic and show commitment to “matching up” employees’ pension.
Mr Bamfo gave the advice at a day’s seminar for a group of workers from the Volta region in Ho on the new pension law with focus on the second and the third-tier pension schemes.
The seminar was at the instance of Gold Coast Security Limited (GCSL).
He said the commitment of employers to matching up employees’ contribution to the third tier pension would ensure employees loyalty and enhance morale for increased productivity.
Mr Bamfo also noted that the long gestation period for the second and third tier schemes would also give employers “more control” over employees and curb the high employee attrition rate facing many institutions.
He said the new pension law presented an exciting time for workers in the country and urged employers and employees to take advantage of it for a better pension.
“We are in very exciting times now. The third-tier scheme has some tax exemptions and this is good for both employers and employees,” Mr Bamfo said.
He assured workers of the ability of the Gold Coast Security Limited to manage their funds efficiently to guarantee “good returns” on their investments.
“Gold Coast Security has a disciplined approach to investment management-mitigating risks and making good returns for funds under its watch,” Mr Bamfo said.
He said it has a unique way of involving contributors in the management of funds with an opportunity for them to use benefits from the fund to secure mortgage for “primary residence.”
During an open forum, participants asked questions on how to get trustees to appoint fund managers and custodians for them and the benefits they would derive from them.