A new pension scheme for traders, ‘My Own Pension’, has been initiated by telecommunication giant MTN, to enable traders in the informal sector to save some money for their retirement.
The product, seeks to bridge the gap between the formal and informal sectors to enable traders to have a reliable capital when they are no longer in active service.
It is open to individuals aged 15 years and above. Patrons may choose any of the product’s flexible minimum contributions of GH¢1.00 daily, GHS5.00 weekly and GHS20.00 monthly.
Mr Seth Obiri, Managing Director, United Pension Trustees, said customers need to dial *170# on their phone to select option nine for Pensions and Insurance, follow the prompt, select option one for ‘My Own Pension’ and select option one again to enrol for successful registration.
The initiative, after successful registration, gives customers two benefits of savings, from which they can withdraw after a year.
Mr Eli Hini, General Manager of MTN Mobile Financial Services, explained that, data from the National Pensions Regulatory Authority (NPRA) shows 85 percent of Ghana’s labour force still lingers in the informal sector.
This situation, he said, calls for a structured pension system to play a critical role in providing the necessary income for elderly populations and to alleviate post-retirement poverty in the country.
He gave the assurance that MTN was committed to ensuring that customers enjoyed brighter lives not only during their active working years but also in retirement.
Mr Ignatius Baffour Awuah, the Minister of Employment and Labour Relations, in a speech read on his behalf, commended MTN and its partner for the initiative, which he said, falls in line with government’s agenda of formalizing the economy.
Mr Harold Awuah Darko, the Chairman, United Pensions Trustees, expressed gratitude to MTN for sharing in their vision of making pensions available to everyone everywhere.
He urged the traders to start investing early to enable them to build their pension to reap more benefits in the future.
By Wisdom Jonny-Nuekpe
