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Partnership to guarantee secured pensions for the informal sector, launched in the Northern Region

More than 15 Thousand members of the Association of Small Scale Industries (ASSI) across the country are expected to be rolled unto a pension scheme soon.

The ASSI informal sector pension is to be managed by the Peoples Pension Trust (PPT), a private pension fund manager licensed by the National Pensions Regulatory Authority.

At a partnership launch in Tamale, artisans and master trades men and women were reminded of the need to join a pool that is regulated by law to management their pensions for a guaranteed future.

The Chief Executive officer of the Peoples Pension Trust, Samuel Bediako Waterberg, in an address, said over 80 percent of workers in Ghana are within the informal sector and with the review of the pension law Act 766, this allows workers to subscribe to the second and third tier where their pension funds can be managed outside SNNIT.

According to CEO of PPT, recent studies had shown that life expectancy is increasing and people are living longer after retirement. In contrast, he added that the aged population is becoming vulnerable due to harsh economic realities, urbanization and poor retirement planning, hence the need to contribute towards secured pensions.

Mr. Waterberg explained the PPT-ASSI partnership regarding pensions for the informal sector.

Various artisans and mater craftsmen including tailors and dressmakers, woodworkers, photographers union and metal fabricator among others took part in the partnership launch during which they had opportunities to engage the pension managers on lingering issues on their minds.

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