By Lawrence Odoom
THE Greater Accra Regional Head of the National Pensions Regulatory Authority (NPRA), Mr. Bright Abekah-Mensah, has warned employers to follow pension laws or face punishment.
Speaking at a Valentine’s Day health screening event in Tema, Mr. Abekah-Mensah said all employers are required by law to register their workers and pay their pension contributions on time. “Employers are legally required to register their employees and ensure the timely payment of pension contributions,” he said.
He explained that failing to do so can put workers’ retirement benefits at risk. Employers who do not comply with the law could also face sanctions. In a strong message to employers, Mr. Abekah-Mensah made it clear that paying pension contributions is not optional.
According to him, every employer must make sure their workers’ Tier 2 pension contributions are paid.
“This is going to the employers… Employers, wherever you are, you either start paying your employees’ Tier 2 pension contributions or we will come after you,” he warned.
He also advised workers to keep track of their pension payments and report any employer who fails to pay their contributions. Mr. Abekah-Mensah stressed that following pension laws is important to strengthen Ghana’s pension system and protect workers’ future.
Background of the Pension Act 766
The Pensions Act 766 was passed in 2008 to regulate how pensions are managed in Ghana. The law established the National Pensions Regulatory Authority (NPRA) to oversee the pension industry and ensure that employers and pension managers follow the rules.
Under the Act, both employers and employees must contribute to pensions. It introduced a three-tier pension system made up of:
A mandatory basic national social security scheme
A mandatory occupational pension scheme
A voluntary provident fund
The law also regulates pension fund managers and trustees and protects workers’ pension rights. The main aim of the Act is to ensure that Ghanaian workers have a secure and reliable source of income when they retire.
Source: Nationaltymes.com
