Ghana Employers' Association

SSNIT cautions workers against misleading pension schemes

June 14, 2019 Uncategorized 0

The Director-General of Social Security and National Insurance Trust (SSNIT), Dr Ofori-Tenkorang, on Tuesday called on workers to be wary of misleading pension schemes that will worsen their plight at pension. He said SSNIT had already built a robust scheme that considered the welfare of contributors and urged them to make use of that advantage.

He said the scheme was generous and a better alternative to investing in treasury bills and there were no myths surrounding pension benefits computation and that pensions were a direct reflection of salaries on which contributors were paid.

He stated that for improved pensions, the conversation should shift from focusing on perceived low pension payment to addressing the salary levels on which contributions are paid. If salaries improve, then pensions will automatically improve.

He added that 50 per cent of active members and pensioners contributed GHC 1,000 and GHC 600 or less respectively, with 4 per cent active members and one per cent pensioners contributing and earning GHC 5,000 or more.

SSNIT is currently embarking on an aggressive public education drive imbued with technology to get to the grassroots, increase its visibility and create easy access for its clientele.

Mr Robert Owusu Sekyere, General Manager of Benefits, SSNIT, stated that three factors come to play in the computation of benefits including: age at retirement, best three years contribution on basic salary and number of months of contributions.

SSNIT has assured the public that the formula for the calculation of pensions is stipulated in law and as such no staff of SSNIT could vary that.

 

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