The National Pensions Regulatory Authority (NPRA) in the Bono Region has warned informal sector employers to ensure their workers’ monthly pension contributions are paid on time or face prosecution.
Enoch Okomfo Okonah, Assistant Manager in charge of Compliance at the Bono Regional Office, said employers who default could be fined up to 2,000 penalty units, required to pay the outstanding contributions, sentenced to two years’ imprisonment, or face both penalties.
Speaking to the Ghana News Agency (GNA) in Sunyani, Mr. Okonah noted that while prosecution is not the Authority’s preferred approach, strict compliance with the Pensions Act is necessary to avoid legal consequences. “Compliance in the region has been encouraging,” he added. “Whenever we issue a demand notice, many employers comply.”
On the Third-Tier Pension Scheme, Samuel Baffour-Awuah, also an Assistant Manager (Compliance) at the regional office, said the initiative is flexible and designed to make pension contributions accessible to all types of workers.
“The scheme targets petty traders, market women, truck pushers, hawkers, hairdressers, dressmakers, carpenters, mechanics, welders, and others engaged in small-scale or informal occupations,” he explained.
Under the scheme, contributors can pay as little as GH¢2 per month, though the size of future benefits depends on the level of contributions.
Mr. Baffour-Awuah emphasised that pensions are crucial for long-term financial security and urged informal sector workers to take advantage of the Third-Tier Scheme to safeguard their future.