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Dr John Ofori-Tenkorang (4th from left), Director General of SSNIT, assisted by Mr Stephen Boakye (3rd from right), Acting Secretary General of NPA and Mr Seth Ametefe Sesi (2nd from right), President of the NPA, to cut the adhesive tape to officially hand over the Toyota pick-up to the NPA.
The SSNIT (Social Security and National Insurance Trust) has, since 2017, achieved savings of over 512 million GH ₵ through the adoption of innovative measures and cost reduction in the exercise of its mandate.
This was achieved through savings on legacy investment transactions, disabling more than 11,000 retirees from payroll, savings on ICT support costs, among other measures.
SSNIT Director General Dr John Ofori-Tenkorang revealed this during a ceremony to present a new pickup to the National Association of Retirees (NPA) in Accra yesterday.
Breakdown
While legacy investment transactions accounted for GH ¢ 246 million in savings, the payroll system clean-up also generated net savings of over GH ¢ 144 million as of December 16, 2020.
The institution also achieved savings of over GH ¢ 121 million on ICT support costs during the period.
“As stewards of your hard-earned money that you have set aside for retirement, we must exercise the highest level of financial prudence and integrity in the administration of the Pension Fund, so that we can continue to perform our duties.
“To meet these obligations, we will continue to adopt innovative ways to grow the fund and take other cost-cutting measures. Already, we have achieved total savings of over GH 512 512 million since 2017, ”said the CEO, adding that these savings would help strengthen and ensure the sustainability of the program.
He added that SSNIT spent GH ¢ 3.3 billion in benefit payments last year.
The amount included 2.97 billion GH ¢ for retirees and over 330 million GH ¢ in lump sum payments to other beneficiaries (reimbursement of contributions, lump sum to survivors and emigration benefits).
He said the institution has also reduced processing times for initial payment requests from 47 days to an average of 13 days.
The CEO also assured retirees that despite the negative impact of COVID-19 on businesses, “we will continue to pay your pension plans without fail on the third Thursday of each month.”
Dr Ofori-Tenkorang announced SSNIT’s plans to deploy an in-house developed information technology system to replace its current system to improve operations.
He said that with the new software, the trust would adopt, among other measures, the Ghana Card for identification to replace the existing SSNIT card.
“This new system will also support the payment of contributions and benefits through the use of electronic payment platforms, including mobile money transactions,” he added.
Presentation
Dr Ofori-Tenkorang presented the new Toyota Hilux double cab pickup to the NPA executive to facilitate its operations across the country.
He explained that the gesture was in response to a request from the NPA to help with some of the transportation challenges it faced in carrying out its daily activities.
The CEO is committed to prioritizing the needs of retirees at all times by supporting their activities as part of the trust’s corporate social responsibility.
Recognition
NPA Acting Secretary General Stephen Boakye expressed the association’s gratitude to SSNIT for responding to its request and pledged to use the vehicle “for the purpose for which it is given”.
He also praised SSNIT for increasing 2021 pensions by 10%, despite the economic challenges brought on by the COVID-19 pandemic.
“I must admit that the institution of SSNIT and its leadership are making progress that will forever be etched in the heart and history of the NPA,” he said.
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