The Pension Reform Implementation Committee (PRIC) says the proposed Pension Reform Bill caters for not only workers in the formal sector, but also those in the informal sectors who form a large percentage of the country’s workforce. This is contained in a press release signed by the chairman of PRIC, T.A. Bediako, to correct what he describes as misconceptions created by some sections of the media with regards to the bill. The release said that the pension reforms will result in the creation of a new contributory three-tier pension systems for Ghana to replace the existing pension schemes. It said the three-tier pension system comprises two mandatory schemes and a voluntary scheme. The first is a mandatory basic national social security scheme; the second is a mandatory defined pension contribution work-based scheme while the third is a voluntary Provident Fund/Personal Pension Scheme. In addition, there is a special scheme under the third tier to cater for workers in the informal sector. "There is also a provision for the self-employed to join the three-tier scheme on their own volition." The release said that the PRIC is happy that the Bill has received cabinet approval and entreated Ghanaians to support the process leading to its passage by Parliament. Source: The Ghanaian Times