Workers in informal sector get pension scheme

Mr Samuel Bediako Waterberg, the Chief Executive Officer of People’s Pension Trust Ghana Limited, has said about 12 million Ghanaians do not have access to a pension scheme.

He said 85 per cent of the workforce in the country falls under the informal sector and they could not save for their pension or future.

Mr Waterberg was speaking at a partnership signing ceremony with Vodafone Cash and Dusk Capital to introduce the “Pension for All” scheme for workers in the informal sector on Thursday.

The scheme is to provide convenient pension services tailored to the informal sector to plan their future and contribute through innovative technology of the mobile phone.

The tier-two pension scheme is mandatory for all employees whereas the tier-three is a voluntary provident fund targeted at workers in the informal sector.

The tier-three pension system, whose implementation started about six years ago upon the passage of the Pensions Act, has some essential provisions for Ghanaians generally to have some retirement income security.

He said the scheme was part of the company’s restructuring strategies to offer attractive informal pension.

“We are determined to offer innovative and attractive pension packages to both sectors of the economy to help curb the high rate of abject poverty hovering on the corridors of the informal work space,” he said. 

Mr Waterberg said they had a strategy in place to collect the contributions of people via mobile money so subscribers could go to any agent and deposit.

He said the partnership would create an avenue for workers in the informal sector to contribute to their future as well as address credibility, trust, and confidence issues in the pension sector.

The People’s Pension Trust Ghana focuses specifically on individuals in the informal sector such as taxi drivers, market women, traders, farmers and entrepreneurs to contribute their pension insurance for the future.

Mr Martison Obeng-Agyei, the Director of Vodafone Cash, said: “We are going to give workers the opportunity to contribute and promote their well-being after retirement.”

He encouraged all workers both in the formal and informal sectors to join the scheme and contribute towards their future.

“We are going to use our innovative technology platform to drive the collection of the contributions to enhance the partnership,” he added.

Mr Bernard Osei Tutu, the Chief Executive Officer of Dusk Capital, said the innovation would redefine pensions and give every individual the opportunity to enjoy his or her golden years when on retirement.

He said the scheme came at a very strategic time where a greater percentage of people, especially those in the informal sector, did not have any smart and convenient arrangement in place to make contributions towards their pensions.

He said: “As a 21st century organisation, Dusk capital places a lot of value on innovation and, therefore, is a joy to partner with others to develop the scheme.”

Mr Emmanuel Awuku Dagbanu, the Manager of Corporate Affairs, National Pensions Regulatory Authority, commended the initiators of the scheme for their efforts to help workers plan for their future.

Source: GNA

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