SSNIT Introduces Toyota Hilux Double Cab Four Wheel Drive Pickup Truck at NPA | General news

The management of the Social Security and National Insurance Trust (SSNIT) presented a brand new Toyota pickup vehicle to the National Association of Retirees (NPA).

The vehicle was handed over in a short ceremony held at SSNIT Pension House in Accra, today February 10, 2021.

The presentation follows an earlier request by the Trust to help the Association meet the challenges of transportation. The donation should help the Association to carry out its daily activities.

Speaking at the presentation ceremony, SSNIT Director General Dr John Ofori Tenkorang noted that this gesture is yet another demonstration of the Trust’s commitment to making retirees the center of all major activities.

He explained that the value SSNIT places on retirees has guided and helped the Trust to strengthen the relationship that exists between SSNIT and NPA over the past four years.
“I would like to assure our dear retirees of management’s continued support for their activities.”

“Despite the negative impact of Covid-19 on businesses, we will continue, as I said, to pay your monthly pensions without fail or delay,” he noted.
Earlier, SSNIT General Affairs Officer Afua Sarkodie in her welcoming speech noted just over 1.6 million people, or about 11% of the country’s workers, actively contribute to the regime.

“This should concern us all and we must support the Trust to enroll more people to join the program so that every worker in Ghana after working for several years can retire without anxiety and in relative comfort,” he said. she declared.

The Acting Secretary General of the NPA, Mr. Stephen Boakye, thanked the SSNIT leadership for another kind gesture to the Association.

He also congratulated the management of SSNIT for its previous donations, in particular the 800,000 Gh ¢ intended to support the medical care of retirees within the framework of the Retiree Medical Scheme (PMS).

“We appreciate the support and the enterprise of SSNIT. The relationship that has existed between the NPA and SSNIT over the past few years, especially under the current leadership, has been very cordial. We express our utmost gratitude and declare that the vehicle will be used for its intended purpose, ”Mr. Boakye said.

In November 2020, the Association honored the outgoing Chairman of the SSNIT Board of Directors, Dr Kwame Addo-Kufuor and the Managing Director of the Trust, Dr Ofori-Tenkorang for their immense contributions to the well-being of the Association. . .

The Trust has in the past provided and renovated office space for the Association for the proper functioning of its activities.

Highlights of the Director-General’s speech

In 2020 alone, SSNIT spent a total of 3.3 billion Gh ¢ on benefit payments. This is made up of 2.9 billion gh ¢ on pensions and 330 million gh ¢ in the form of lump-sum payments to other beneficiaries (reimbursement of contributions, old-age lump sum, lump sum for survivors and emigration benefit). Total spending is expected to increase further this year as more workers retire and claim benefits.

To meet our obligations to these retirees, we have taken steps to grow the fund and take further cost-cutting measures.
Already, through cost reductions, the Trust has achieved total savings of over GH ¢ 512 million since 2017. These savings include:

I. Savings of GH ¢ 246 million on old investment transactions.

ii. Net savings of over GH ¢ 144 million as of December 31, 2020 thanks to the deactivation of more than 11,000 retirees from the payroll.

iii. Savings of over GH ¢ 121 million in ICT support costs over the period.

This goal was achieved through annual savings of US $ 4,456,038.22 and GH ¢ 4,910,748.

I am happy to say that the days when retirees had to wait about two months or more to receive their first retirement pension are over. We now pay retirees within 13 days of receiving their request. It was 47 days in 2016.

In addition, retirees who enter one of our offices to do business are now quickly taken care of. They don’t have to join long lines before being served due to the introduction of the retiree priority office.

About SSNIT

The Social Security and National Insurance Trust is a statutory public trust which has the mandate to administer the basic first level national social security pension scheme under the 2008 National Pensions Act (Act 766).
SSNIT is responsible for replacing part of the income lost by its contributors and their dependents due to old age, disability, emigration or death.

The pension a member receives under the first level scheme depends on the basic salary (on which the contributions have been paid) and the number of months of contribution to the scheme.
As of December 2020, the SSNIT retiree population was around 230 million, with more than 1.63 million active contributors.