{"id":708952,"date":"2019-09-24T08:46:32","date_gmt":"2019-09-24T08:46:32","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/09\/24\/13-institutions-to-face-court-for-non-payment-employee-pensions\/"},"modified":"2019-09-24T08:46:32","modified_gmt":"2019-09-24T08:46:32","slug":"13-institutions-to-face-court-for-non-payment-employee-pensions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/24\/13-institutions-to-face-court-for-non-payment-employee-pensions\/","title":{"rendered":"13 institutions to face court for non-payment employee pensions"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/13-institutions-to-face-court-for-non-payment-employee-pensions\/\">\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"421\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/couple-in-court-over-433400-apartment-fraud.jpg\"   alt=\"\" title=\"Couple in court over $433,400 apartment fraud\"\/><figcaption class=\"wp-caption-text\">Gavel<\/figcaption><\/figure>\n<\/div>\n<p>The National Pensions Regulatory Authority (NPRA) has begun a process to prosecute 13 companies for failing to honour any of the mandatory schemes for their workers.<\/p>\n<p>This is the first set of prosecutions to be carried out by the Authority since it was given the power to prosecute.<\/p>\n<p>Chief executive of the NPRA, Hayford Attah Krofi, made the disclosure in Accra.<\/p>\n<p>The National Pensions Regulatory Authority has been given the mandate to regulate the pension industry and ensure fairness in payment of pension funds.<\/p>\n<p>The NPRA after some few years of establishment has made progress by getting many enrolled into the system.<\/p>\n<p>According to Hayford Attah Krofi, the Authority has identified some companies and in the last stage of the process prosecution.<\/p>\n<p>\u201cAs you might be aware, the Authority has been given prosecutorial powers to prosecute defaulting employers. I mean employers who fail to pay pension contributions of their employees. In light of this, we have successfully trained some of our staff and our legal department has started processing persistent offenders for prosecution.<\/p>\n<p>\u201cI can confirm that we are preparing to prosecute 13 defaulting employers and it is our ambition to continue to prosecute more who flout the laws to protect the interest of workers and secure their future. There has also been a steady growth in pension funds under the reforms. As at December 2018, the Total Pension Fund has increased from about 20.7 billion in 2017 to 22.2 billion in 2018. This is made up of 13.1 billion of Assets Under Management (AUM) for Private Pension Funds and 9,1 billion of funds under the 1st -Tier scheme,\u201d he said.<\/p>\n<p>According to Hayford Attah Krofi,\u00a0 despite the huge efforts by the Authority to whip up the interest among the Ghanaian working populace especially those in the informal sector to enrol on pension schemes, the figures are still not encouraging, by way of, understanding and participating in pension schemes.<\/p>\n<p>He was speaking to Joy Business on the sidelines of a sensitisation workshop organized for the media.<\/p>\n<p>He also disclosed that the Authority has successfully dealt with issues relating to the Temporary Pension Fund Account at the Bank of Ghana.<\/p>\n<p>\u201cWe are progressively working to conclude the on individual membership data relating to the public sector to pave way for the successful allocation of funds to individuals in the public sector schemes,\u201d he said.\u00a0<\/p>\n<p><strong>Source: Joy Business <\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gavel The National Pensions Regulatory Authority (NPRA) has begun a process to prosecute 13 companies for failing to honour any of the mandatory schemes for their workers. This is the first set of prosecutions to be carried out by the Authority since it was given the power to prosecute. Chief executive of the NPRA, Hayford [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":708953,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-708952","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>13 institutions to face court for non-payment employee pensions - 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\/09\/24\/13-institutions-to-face-court-for-non-payment-employee-pensions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"13 institutions to face court for non-payment employee pensions - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Gavel The National Pensions Regulatory Authority (NPRA) has begun a process to prosecute 13 companies for failing to honour any of the mandatory schemes for their workers. This is the first set of prosecutions to be carried out by the Authority since it was given the power to prosecute. 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