{"id":650094,"date":"2019-07-04T14:53:11","date_gmt":"2019-07-04T14:53:11","guid":{"rendered":" <br><div>\n\t\t\n<p><strong>Baffour-Awuah (middle) with pension regulators and an official of World Bank<\/strong><\/p>\n\n\n\n<p>THE\nMINISTER of Employment and Labour Relations, Ignatius Baffour-Awuah, has\nchallenged pension trustees and operators in the country "},"modified":"2019-07-04T14:53:11","modified_gmt":"2019-07-04T14:53:11","slug":"pension-operators-urged-to-work-hard","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/07\/04\/pension-operators-urged-to-work-hard\/","title":{"rendered":"Pension Operators Urged To Work Hard"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Baffour-Awuah (middle) with pension regulators and an official of World Bank<\/strong><\/p>\n<p>THE<br \/>\nMINISTER of Employment and Labour Relations, Ignatius Baffour-Awuah, has<br \/>\nchallenged pension trustees and operators in the country to step up efforts to<br \/>\nboost penetration to the informal sector.<\/p>\n<p>According<br \/>\nto him, trustees must stop focusing primarily on the informal sector which has<br \/>\nabout 12.2 per cent of the workforce \u2013 both private and public.<\/p>\n<p>He<br \/>\nsaid the pension revenue for the formal sector was around GH\u00a220 billion.<\/p>\n<p>The<br \/>\nminister said the country could earn more revenue from pension if more efforts<br \/>\nare made in extending pension to the informal sector which has about 88 per cent<br \/>\nof Ghana\u2019s workforce.<\/p>\n<p>He<br \/>\nwas speaking yesterday in Accra at the opening ceremony of a two-day workshop<br \/>\norganised by the National Pension Regulatory Authority (NPRA) in collaboration<br \/>\nwith the World Bank.<\/p>\n<p>The<br \/>\nwork themed: \u201cLeveraging Switch Technology to Increase Pension Coverage to<br \/>\nInformal Sector Worker,\u201d aimed at presenting the main challenges faced by the<br \/>\npension system will help participants to reach, enrol and collect contributions<br \/>\nin the informal sector.<\/p>\n<p>It<br \/>\nalso aimed at presenting some technology advances that have been introduced in<br \/>\ncountries like Chile and Mexico where a switch has reportedly provided a<br \/>\nleverage point for the pension administrators, facilitating outreach,<br \/>\ncontribution collection and general operations.<\/p>\n<p>Mr.<br \/>\nBaffour-Awuah urged pension trustees to use innovative ways to penetrate into<br \/>\nthe informal sector, especially through the use of the switch technology. <\/p>\n<p>He<br \/>\nurged insurance companies to make the charges and pricing of their products<br \/>\nmore comprehensible and accessible so those in the informal sector could<br \/>\npatronize their services.<\/p>\n<p>Chief Executive Officer of the National Pensions Regulatory Authority, Hayford Atta Krufi, explained that the workshop was necessary to help stakeholders have a better of how switch may be able to bridge some gaps to support informal sector pension scheme, reach scale quicker and facilitate Ghanaian trustees to reach customers.<\/p>\n<p><strong>BY Melvin Tarlue &amp; Susana Bart-Plange<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Baffour-Awuah (middle) with pension regulators and an official of World Bank THE MINISTER of Employment and Labour Relations, Ignatius Baffour-Awuah, has challenged pension trustees and operators in the country to step up efforts to boost penetration to the informal sector. According to him, trustees must stop focusing primarily on the informal sector which has about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":650095,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-650094","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pension Operators Urged To Work Hard - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/07\/04\/pension-operators-urged-to-work-hard\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Pension Operators Urged To Work Hard - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Baffour-Awuah (middle) with pension regulators and an official of World Bank THE MINISTER of Employment and Labour Relations, Ignatius Baffour-Awuah, has challenged pension trustees and operators in the country to step up efforts to boost penetration to the informal sector. 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