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Ghana Pensions Act Low number of Informal sector pension contributors alarming

Referring to figures of the total number of people contributing to pension schemes  after the implementation of the National Pensions Act, 2008(Act 766), the number of participants from the informal sector have been too low for comfort.

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Ghana Informal Sector play

Ghana Informal Sector

Samuel Anni Asiedu, Managing Director of FirstBanc  has bemoaned the alarming number of people in the informal sector who fail to make pension contributions.

Referring to figures of the total number of people contributing to pension schemes  after the implementation of the National Pensions Act, 2008(Act 766), the number of participants from the informal sector have been too low for comfort.

READ MORE: Ghana Tax Law NPA criticizes gov’t over decision to tax pension benefits

Mr. Anni Asiedu said, this demonstrates how little informal sector participants are doing to prepare for retirement.

 “ In spite of the enormous benefits  such as tax deductibility on applicable incomes for contributions in the Act, very few persons in the informal sector have taken advantage to make contributions towards their pensions under the personal pension schemes”, he said.

He was speaking to some members of the informal sector about the need to contribute to pension schemes.

The National Pensions Act makes room for self-employed persons, persons not covered by any mandatory pension scheme and all other persons in the informal sector to join and make contributions to a personal pension scheme for their retirement.

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