Informal sector workers in the Ashanti Region are being sensitised on the need to enrol on the tier 3 pension scheme.
The coverage of pension systems has been limited to the small section of the population in the formal sector.
Coverage is thin partly because traditional contributory pension schemes are not responding to the needs of the informal sector.
These non-regular income earning workers range from street vendors, hawkers and market women.
They are identified as highly vulnerable to financial shocks due to their relatively low incomes and limited savings.
The Kumasi Zonal Office of the National Pensions Regulatory Authority is visiting notable markets in the region to get more informal sector workers enrolled onto the personal pension scheme.
Gideon Osei-Poku is a Corporate Affairs Officer, and according to him, “The informal sector makes up 80% of the Ghanaian workforce. Most of them go on retirement in poverty. We want to eliminate old age poverty and secure a better retirement for them. That is why we go by our slogan ‘Pensions For All’”.
Outreach is a major challenge in rural areas because the informal sector workers are often in remote locations which may not be accessible.
The Authority is raising awareness and building trust among the public in relation to the benefits of the tier 3 pension scheme.
Many have misconceptions of using their children as retirement benefits. Others believe only workers in the formal sector are entitled to pension.
“This is a continuous programme. We started way back in 2021. We have been to Bantama, Konongo, Atonsu and Agogo markets. This year, we have chosen other municipalities and districts we are visiting. Our first place of visit this year is Bosomtwe district. Afterwards, we will move to Kumasi Metro,” he revealed.
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