A NEW pension scheme to cater for the interest of workers in the informal sector under the voluntary contribution third-tier system has been launched for the Ghana Union of Traders’ Association (GUTA).
The new scheme was entered into by GUTA on behalf of its members with Gemini Life Insurance Company (GLICO) as the scheme operators.
At a brief ceremony to formalise the relationship, the Chief Executive Officer of Glico, Mr Kwame Acheampong Kyei, said the old pension scheme was virtually the preserve of workers in the formal sector, which excluded people in the informal sector, and it was imperative for those excluded to make provisions for their own future retirement benefits.
Mr Kyei said under the new pension law, the third-tier scheme allowed hardworking Ghanaians in the informal sector to also have their own pension schemes and praised GUTA for the initiative.
He said GLICO, for the past years, had had enormous experience and expertise in pensions management and therefore assured GUTA of a satisfactory service from the company.
The pension scheme saw the signing of a memorandum of understanding (MoU) between the two parties, which makes GLICO an administrator, custodian and funds manager for the members of GUTA.
The President of GUTA, Mr George Ofori, said the association was concerned with the welfare of its members hence the collaboration to provide the pension plan for them.
He said the MoU would serve as a framework for both parties to work with and cater for the peculiar welfare needs of the traders in the informal sector, which constituted about 80 per cent of the country's workforce.
"GUTA as a body wants to indicate that it has plans to use this scheme as a launching pad to raise funds to support our plans for our own bank," he said.
He extended the association's gratitude to GLICO for seeing the need to partner them.
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