Parliament approves amendments to National Pension Scheme

Parliament has under a certificate of urgency passed a pension’s bill that covers several amendments to the National Pensions Act passed in 2008.

The new bill will address operational and administrative challenges of the pensions act in relation to the first tier scheme.

It also clarifies issues relating to age exemptions to joining the pension’s scheme, bringing down the age from 55 to 50.

SSNIT will also get more powers to prosecute employers who fail to pay contributions of their workers.

Chairman of the employment committee of parliament, Joseph Buakri told STARR NEWS’ Parliamentary correspondent, Kobby Mensah Gomez the amendment was necessary to enable contributors enjoy “good lump sum when they go on pension”.

“The two of the tiers, if we do not amend this bill, they will not have good lump sum which will make them worst off.

He added:“ But if this is cleared government will now have the legal framework to pay them their lump sum from the two tiers.”

The amendments have taken place at a time when labour and government are in court over the second tier contribution of workers and who needs to manage those contributions.