The National Pensions Regulatory Authority is set to become financially and operationally independent after government weaned it off subventions.

The move is part of government’s decision to reform, stabilize and rationalize the compensation budget.

Employment and Labour Relations Minister, Haruna Iddrisu who made the announcement says the President has already given approval for the transformation.

Mr. Iddrisu was speaking at the launch of the NPRA zonal office in Ashanti region, the first of its kind to be situated outside Accra.

 “Government has given policy approval for the NPRA to be weaned off government subvention and be on its own”. He revealed.

For a smooth implementation, the process is being fine-tuned among the Employment and Labour Relations, Finance and Economic Planning Ministries and the Fair Wages and Salaries Commission.

Mr. Iddrisu told officials the authority will no longer be spoon-fed with government’s meager resources.

“You are no longer going to be the spoilt toddler that is still asking for breast milk and that you must learn to be on your own”. He explained.

Acting Chief Executive Officer of NPRA, Kofi Anokye Owusu Darko has welcomed news with excitement.

According to him, the decision will enable the authority to take decisions devoid of government influence and turn things around with resources at its disposal.

“Being financial independent, we will be able to take quick decisions then these decisions will now follow corporate governance principle. So once our board takes a decision we run with it; so that is a major tool for us. It will make us more prudent in terms of our financial management”. He emphasized.

The NPRA hopes its new status will enable it bring issues to government; the employer.