NPRA says it will prosecute employers who fail in paying pensions
The National Pensions Regulatory Authority (NPRA) will continue to track all defaulting employers and put them before the law courts to retrieve the pension monies due employees.
Mr David Tetteh-Amey Abbey, the Deputy Chief Executive Officer (CEO), NPRA, said the Authority would do this to demonstrate its commitment to the financial well-being of employees and their families.
“This is what makes the Authority great. It is imperative that we emphasise the significance of regular contributions to pension schemes,” he said.
Mr Abbey stated this at the 63rd Annual General Meeting (AGM) of the Ghana Employers’ Association (GEA) in Accra, on the theme: “Tax Compliance and Cooperation in a Challenging Economy”.
“Pensions are a lifeline for our employees in their retirement years. Every contribution made today is an investment in their future financial security”.
He urged all employers to prioritise timely and consistent pension contributions as non-payment or delayed payments not only affected the individual’s retirement prospects but also undermined the stability of the entire pension system.
“It is a matter of trust and responsibility, and they must honour their commitments,” Mr Abbey said.
“We as employers have businesses because of our employees and compliance with all pension guidelines and regulations is paramount.”
He said those guidelines existed to safeguard the interests of both employers and employees and compliance ensured the pension schemes remained strong.
“Let’s work diligently to meet all regulatory requirements and maintain the integrity of our pension programmes.”
Mr Abbey said the NPRA was set up with the object to regulate and monitor the operations of the three tier pension scheme in the country and thus played a pivotal role in overseeing and regulating pension activities.
Beyond regulation, the NPRA also serves as a valuable resource for education and guidance.
He encouraged all employers to engage with the Authority for educational and sensitisation purposes.
He said their expertise could help navigate the complex landscape of pensions, making it easier for them to fulfil their obligations to their employees.
“Let us remember that pensions are not just numbers on a ledger; they represent the futures of hardworking individuals who have dedicated their lives to our organisation.”
He said by making regular contributions, adhering to guidelines, and seeking education from the National Pensions Authority, they could collectively ensure that the future was bright and secure.
“Together, we can build a robust and resilient pension system that reflects our commitment to our employees and their families. Let’s move forward with a renewed dedication to pension responsibility and security.”
Mr Alex Frimpong, the CEO, Ghana Employers’ Association, who presented the Annual Report and Financial Statement of the GEA for the year ended December 31, 2022, said looking back, the year brought with it a complex set of challenges that significantly impacted the business landscape.
He said the global economic environment experienced fluctuations, investment uncertainties, trade disruptions and geopolitical tensions that directly affected businesses in Ghana.
Source: GNA