Your Children Are Not Your Pension, NPRA Warns Informal Workers

According to ghana news agency:ccording to Ghana News Agency, Madam Akrofi shared a personal experience involving her late mother, a trader at Makola Market, who continued working into her late seventies as that was her sole source of livelihood. When her family encouraged her to stop trading, her mother was unhappy, despite receiving essentials from her children. Madam Akrofi noted that her mother's distress stemmed not from a lack of care but from an absence of personal income. Madam Akrofi recounted that once she started giving her mother a monthly allowance, her mother's outlook changed significantly. "My mother regained her confidence, became happier and more active. That experience taught me that financial independence is closely linked to dignity and wellbeing in old age," she stated. She emphasized that many elderly people face emotional and financial difficulties due to the absence of a regular income post-retirement. She encouraged workers, particularly in trades such as artisans, farmers, drivers , hairdressers, and seamstresses, to enroll in pension schemes while they are still economically active. The voluntary Tier Three pension scheme, she explained, is designed for informal sector workers, allowing them to accumulate retirement savings through flexible contributions. This scheme provides both retirement and savings accounts, offering contributors access to part of their savings under specific conditions while ensuring future income security. Madam Akrofi assured attendees that the scheme is regulated by the NPRA and managed by licensed trustees, distinguishing it from fraudulent investment schemes that have previously led to financial losses for many Ghanaians. She encouraged participants to seize the opportunity to register and begin contributing towards their retirement. The 'Pension on Wheels' programme is part of NPRA's nationwide initiative to expand pension coverage among informal sector workers through public education and immediate enrollment opportunities. Togbe Kasa III, Chief of Ahoe , also urged attendees to adopt pension schemes and advised against relying solely on family support during their later years. "It is time for people in the informal sector to move away from depending on their children for food, medicine, and clothing in old age," he remarked.