Tag: NPRA
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NPRA targets 25% pension penetration in informal sector by 2026
The National Pensions Regulatory Authority (NPRA) is working to increase pension penetration amongst the informal sector workers. This move if finalized will see the penetration increased from 6 to 25 percent by 2026. The Authority explains that although a section of the informal sector hold a misconception about pensions it is committed in its sensitization…
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Be strategic in protecting workers’ pension contributions – NPRA to industry players
The National Pensions Regulatory Authority, NPRA, says the impact of COVID-19 on the pensions industry globally is a reminder to developing countries such as Ghana to introduce and implement long-term sustainable plans for the aged. According to the NPRA, most pension funds have suffered a setback because some of the major financial assets where these…
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NPRA takes steps to protect pension contributions as COVID exposes threats
The National Pensions Regulatory Authority, NPRA, says the impact of COVID-19 on the pensions industry globally is a reminder to developing countries such as Ghana to institute and implement long-term sustainable plans for the aged. According to the NPRA, most pension funds have suffered a setback because some of the major financial assets where pension…
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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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SSNIT to cease lump sum pension payments from 2020 – Employment Minister
From next year (2020), all pensioners on the new pension scheme, will access their lump sum payments from the managers of pension schemes other than the Social Security and National Insurance Trust (SSNIT). By this, the state pension’s manager, SSNIT will only be mandated to pay monthly benefits to pensioners. Employment and Labour Relations Minister,…
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Tier 1 & 2 pension funds safe – Securities industry association assures contributors
The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. According to the association, the regulatory framework around the management of pension funds was stringent and backed by more prescriptive guidelines that made it difficult for any of its members to divert funds…
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Pension for cocoa farmers kicks off in 2018
Cocoa farmers will from 2018 be signed onto a Cocoa Pension scheme. This is according to Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Atta Krufi. The scheme which was originally proposed in the COCOBOD Act of 1984 never took off due reasons including the lack of an accurate database on cocoa farmers.…
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NPRA targets 80% informal pension enrolment
The National Pensions Regulatory Authority (NPRA) has disclosed of plans to achieve at least 80 percent subscription by informal sector workers within the short to medium term. The pensions’ regulator believes the move which will largely be on the Tier 3 pension scheme, will promote financial inclusion and increase insurance penetration. “We have about 13…
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NPRA gets tough on employers to pay SSNIT contributions
The National Pensions Regulatory Authority (NPRA) has renewed its call on companies to ensure the payment of the pensions of their workers. The call comes at a time the regulator is keen on increasing the number of informal workers to enroll onto the nation’s pension scheme. The Authority, early this year, introduced incentives in the…
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NPRA introduces incentives to attract more pension funds
The National Pensions Regulatory Authority (NPRA) has initiated measures to encourage high participation of Corporate Trustees to maximize the coverage of persons in the informal sector. The incentives include the reduction of some licensing fees and the waving off of others to increase funds available to trustees. Among the licenses reduced include; individual Trustee Informal…