The Western Regional Director of the National Pensions Regulatory Authority (NPRA), Mr Stanley Ogoe has urged formal and informal sector employees to take advantage of tax incentives on their contribution to the pension scheme.
He indicated that the informal sector was more or less voluntary however, there was a tax incentive aspect that employees have not been taken advantage of.
He emphasized that the NPRA was currently focusing on the informal sector to get them signed on the pension scheme whereas some employers have already been taken to court for non-compliance of pension contributions for their employees.
Mr Ogoe who was speaking at a stakeholder’s meeting in Takoradi mentioned that some employers have genuine issues where the NPRA holds a roundtable discussion with them in an effort to solve their nagging issues.
“We get them to sign payment agreement with a schedule in their payment after the roundtable discussion to resolve issues. Moreover, the NPRA supports them not only in the financial aspect but encourages them to know that they can pay”, he added.
He noted that many Ghanaian pension contributors have certain misconceptions about their pension contribution to managers and enlightened that the pension contributions were not like the Menzgold and DKM among others that the supervisory regime around it was quite not up to scratch.
He stated that the National Pensions Regulatory Authority as a body was vigilant with the protection systems surrounding customers’ contributions with robust supervision.
Mr Ogoe further said, there were three (3) institutions checking on each other with the main interest of protecting contributors’ money.
He hinted that the Authority was monitoring the three institutions and therefore assured clients of full security concerning their contributions with keen investment guidelines, making sure that returns from clients’ contributions were secured.
He also called on the media to help educate employers and employees towards contributions to the pension scheme.