NPRA Automates Operations for Enhanced Pension Security
The National Pensions Regulatory Authority (NPRA) now automates operations with a new risk-based supervision system. This new system aims to protect workers’ retirement funds. It also ensures employers comply with the National Pensions Act, 2008 (Act 766). The Deputy Chief Executive Officer, Victor Azuma Mejida, urged employers to embrace technology. He made this call at the Ghana Employers Association’s (GEA) annual General Meeting.
Employers play a crucial role in pension management. Mr. Mejida stressed this point, saying they are the main source of funds and data. He noted they have a duty of trust to their employees. This duty involves remitting contributions on time and keeping accurate records. It also means educating workers on their pension rights.
The new Risk-Based Supervision System (RBSS) automates many of the NPRA’s regulatory processes. This measure ensures effective compliance. According to Mr. Mejida, the move will also allow for real-time risk management. It will monitor service providers’ activities. This monitoring ultimately protects and safeguards pension funds.
Furthermore, the NPRA is committed to expanding pension coverage. This expansion focuses on the informal sector. A majority of Ghana’s workforce is in this sector. The NPRA is developing new, flexible schemes. Technology supports these initiatives. This approach encourages informal sector workers to save for retirement.
Technology can prevent defaults by employers. Mr. Mejida pointed this out. He stated that it provides efficient systems. These systems promote accuracy and timely payments. He urged the GEA to champion education and compliance. The NPRA, he assured, is dedicated to protecting workers’ retirement income. It also seeks to expand pension coverage for all. The NPRA’s efforts contribute to the country’s national development through a strong pension industry.
Source: Daily Graphic Newspaper classifieds
