Tag: National Pensions Regulatory Authority
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15 employers to be prosecuted for not paying tier two contributions of their workers
Fifteen employers are currently being processed for prosecution for failing to pay the tier two contributions of their workers. This is according to the National Pensions Regulatory Authority (NPRA). The CEO of the NPRA, at a media briefing in Accra on Wednesday, 30th June 2021, also disclosed that the total amount paid to Corporate Trustees…
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15 employers risk prosecution for failure to pay pensions of their workers
Fifteen employers risk prosecution for failing to pay the pensions of their workers. This is according to the Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Hayford Attah Krufi. The move follows powers the NPRA has been given by the Attorney General to prosecute employers who flout the rules. According to the Authority,…
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No pension fund was lost during financial sector clean-up – NPRA
The National Pensions Regulatory Authority, NPRA, says it is enforcing the rules on how to invest pension funds to protect workers’ funds. Following the financial sector clean-up undertaken by the Bank of Ghana, some financial observers warned that the situation could have a spillover effect in the pensions sector if pension funds were invested in…
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Pension industry exposed to banks to the tune of GH¢863.63 million
The Finance Ministry has revealed that the pensions industry’s exposure to the banking sector is about GH¢900 million; justifying the need for Parliament to approve a GH¢15.6 billion to protect the financial sector from a possible collapse. The Finance Minister, Ken Ofori-Atta in a memo to Parliament, argued that the financial sector is very interconnected…
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Insurance products must be well explained to gain trust—Bedrock Insurance CEO
Stakeholders in the insurance industry have urged insurance companies to build trust by properly explaining insurance policies to clients before they sell to the public. The call comes after several complaints from policyholders who complain of being shortchanged by insurance companies whenever there is an accident and they file for claims. Speaking to Citi Business…
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Pensions regulator to prosecute employers that fail to pay workers’ Tier-2 pensions
The National Pensions Regulatory Authority (NPRA) says it will soon begin the prosecution of companies that do not pay the tier-2 pensions of their employees. The threat of prosecution comes after the Attorney General recently gave the pensions regulator prosecutorial powers to go after companies that default in their workers’ tier-2 pensions. The National Pensions…
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Pensions regulator to ensure about 11m informal sector workers have pension schemes — CEO
The National Pensions Regulatory Authority (NPRA) has said that it is working on new policies to ensure that the more than 10 million workers in the informal sector are able to access a pension scheme. The current three-tier pension system does not favour the informal sector in that most workers do not have a regular…