Workers within the informal economy like farmers, fishermen, market women, traders and drivers among others can now save towards retirement like their counterparts in the formal sector. This follows the launch of a pension scheme specially designed to cater for the informal economy workers The product designed specifically for members of the Union of Informal Workers Association (UNIWA), of the…
New Forms of Social Insurance: The Case of the TUC–UNIWA Informal Sector Pension Scheme in Ghana
The TUC–UNIWA Informal Sector Pension Scheme was established in Ghana in 2017 by the Union of Informal Workers Associations (UNIWA) as a voluntary group pension scheme registered with the National Pensions Regulatory Authority (NPRA). Despite its flexible contribution regime, the scheme has struggled to grow, with only 1,511 members—just 0.8 percent of UNIWA’s total 185,000 membership at the time of…