[ 2017-05-08 ]

NPRA gets tough on employers to pay SSNIT contributions
The National Pensions Regulatory Authority (NPRA)
has renewed its call on companies to ensure the
payment of the pensions of their workers.

The call comes at a time the regulator is keen on
increasing the number of informal workers to
enroll onto the nation’s pension scheme.

The Authority, early this year, introduced
incentives in the pension space such as the
reduction of some licensing fees and the waving
off of others to increase funds available to
trustees.

Some of the fees reduced include; individual
Trustee Informal Sector Licensing fee which has
been slashed from GHS500 to GHS500.

According to the regulator, one way to gain the
trust of informal workers is to ensure timely
payment of pension funds to contributors.

This it believes will further increase the number
of people on pension schemes.

In an interview with Citi Business News, the
Manager for Corporate Affairs of the National
Pensions Regulatory Authority, Emmanuel Awuku
Dagbanu said enhanced monitoring between the
Financial Intelligence Center and the National
Pensions Regulatory Authority is being done on a
day to day basis to ensure the security of monies
from contributors.


“The regulator monitors the activities of all
the service providers and as we speak now we have
our team to make sure that the regulated entities
comply with the law so on a daily basis the
activities are monitored.”


“Even as you are aware, the money does not come
to us but goes straight to the custodian and we
have this memorandum of understanding between the
financial intelligence center and the NPRA
therefore when the money gets to the bank, it
cannot stay there for more that forty eight hours
without being invested that is contrary to the law
and you can be punished for that and they all know
this,” he explained to Citi Business News.


Mr. Dagbanu added that the NPRA would ensure that
events that occurred in the microfinance industry
resulting in people losing their monies, does not
recur.


“NPRA monitors the activities to make sure that
issues concerning money which for example happened
in some of these savings and loans institutions
will not happen. So we try as much as possible to
make sure that the industry is well regulated
because pension can be somebody’s last resort
and the NPRA knows that.”

Source - citibsinessnews.com

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