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Company News of Monday, March 25, 2019
Source: www.ghanaweb.com
2019-03-25
The SSNIT has demystified the claims of organized labor that it misinterprets the law on pensions
The Directorate of Social Security and the National Social Insurance Fund (SSNIT) badured all contributors that their contributions are secure and that their benefits are therefore calculated in accordance with the law.
According to them, "the SSNIT accurately calculates benefits in accordance with (PNDCL 247, Act 766 and Act 883) and sound financial and actuarial principles and practices".
In a report published by the Ghanaian Times and the Daily Graphic, Dr. Justice Yankson, Secretary General of the Ghana Medical Association, reportedly said that the SSNIT misinterpreted the pension law and paid low premiums to contributors. which had aggravated the situation of retirees.
"The authors of the law indicated that the lump sum amounted to 25% of the monthly pensions for 144 months, while the SSNIT calculated it at 25% of monthly pensions for 83 months instead of 144. The difference between L & # 39; application and non-application 41.9% of the amount of the flat-rate annuity, "said Dr. Yankson to the press.
In a statement copied to GhanaWeb, however, the SSNIT said: "The SSNIT has not changed the way benefits are calculated since these laws came into force."
However, he noted that "the SSNIT is regulated by the National Pension Regulatory Authority (NPRA), has a transparent administration and is governed by a competent board of directors composed of four (4) members of the labor movement, two ( 2) representatives. of the Ghana Employers' Association, one (1) representative of the National Association of Retirees, one (1) representative of the Ministry of Finance, a representative of the security services, a chairman of the board, a director General and two (2) persons appointed by the Government, "
Find below the complete declaration
SUBJECT: ORGANIZED WORKERS ACCUSED OF LOW RIGHT TO PENSION
The Social Security and National Insurance Management Fund (SSNIT) has taken note of the publications published in the editions of March 20 and 21, 2019 of the Ghanaian Times and Daily Graphic newspapers and distributed by various media outlets.
The SSNIT wishes to reply as follows:
1. SSNIT calculates benefits accurately, in accordance with (PNDCL 247, Act 766 and Act 883) and sound financial and actuarial principles and practices.
2. The SSNIT has not changed the method of calculating benefits since the coming into force of these laws.
3. SSNIT, which is regulated by the National Pension Regulatory Authority
(NPRA), has a transparent administration and is governed by a competent board of directors composed of four (4) members of the labor movement, two (2) representatives of the Ghana Employers' Association, one (1) ) representative of the National Pensioners Association, one (1) a representative of the Ministry of Finance, a representative of the security services, a chairman of the board, a director general and two (2) persons appointed by the Government.
4. Since last year, the leadership of the SSNIT has engaged unionized workers on issues raised in relation to the calculation of benefits.
5. The issues in dispute have been submitted to NPRA by the SSNIT and the unions for review and guidance.
6. The SSNIT is awaiting NPRA decisions on these issues and would be guided by the regulator's guidelines.
We take this opportunity to badure all contributors and retirees of the SSNIT that their contributions and pensions are secure and that their benefits are calculated in accordance with the law.
Published by the General Affairs Department of SSNIT.
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