Thursday, July 4, 2019

Low pension uptake among informal sector sending millions to poverty in old age – expert

The uptake of pension among workers in the informal sector remains low what pension specialists have attributed to an acute shortfall in existing social protection policies.

According to Emwealth Pension Manager Bancy Kaleli, a majority of workers in the informal sector fail to honour monthly pension contributions due to lack of understanding on the need to save for retirement, exposing millions of citizens to poverty in old age. A survey conducted by Emwealth, a local financial services provider, 55 per cent of workers under the informal sector fail to save in a pension scheme. Read More