The National Pensions Regulatory Authority (NPRA) CEO, Hayford Attah Krufi, has disclosed that only about 600,000 out of an estimated 10.2 million workers in the informal sector are currently enrolled on at least a pension scheme.

Speaking at a public lecture as part of the National Pension Week celebration, Mr Attah Krufi said the number represents just six per cent of informal sector workers out of the 85 per cent of casual sector workers in the country's active labour population.

 "As a regulatory authority, we are worried that only six per cent of workers in the informal sector are on one pension scheme or another. Per the current numbers, the future is, indeed, very bleak for a significant number of informal sector workers," he lamented.

The CEO called on workers in the informal sector to sign up for the pension scheme.

"It is important that informal sector workers enrol on a pension scheme so that the benefits accrued will meet them halfway while they are on retirement and cannot work to earn a living.

"I wish to urge you to at least join a pension scheme while in active service so that you can be guaranteed an enjoyable future while on retirement," he advised.

According to him, it was time for people to neglect the idea of a pension scheme belonging to workers in the formal sector.

"Until 2010, pension schemes were for formal sector workers, and that had permeated the minds of the people, especially those in the informal sector.

"It was, however, time for people who still had that perception to disabuse their minds and join either the tier one or tier three pension schemes, he said.

He expressed the Authority's belief in expanding the number of informal workers on pension schemes.

"We are of the firm belief that in the next five years, we will increase the current coverage from six to 40 per cent."

The Authority has declared the last week in October every year as the National Pensions Awareness Week to create awareness of pensions and educate persons in the informal sector to subscribe to pension schemes.

This year's celebration is on the theme: "Total participation in pensions to ensure retirement income security", has been dedicated to informal sector pensions, covered under Tier Three of the new pension regime.

The lecture was attended by workers in the informal sector, including fishermen, beauticians, dressmakers, market women, caterers, and bar operators.