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Company News of Monday, April 15, 2019
Source: citinewsroom.com
2019-04-15
Dr. John Ofori-Tenkorang, Director General of SSNIT
The Social Security and Social Security Fund (SSNIT) has denied allegations that it will defraud contributors based on the system's supposedly defective calculation system.
A union convention committee reported that the SSNIT misinterpreted the annual salary, the early retirement reduction factor and the annuity factor on the lump sum, which ultimately affected the contributor.
Although the SSNIT acknowledges that there may indeed be a fundamental flaw in the pension legal system, it maintains that the plan does not mislead contributors.
The system does, however, develop legislation to clarify the ambiguities alleged in its calculation scheme.
The Ministry of Employment and Labor Relations has also begun consultations to address the concerns of labor unions regarding the method of calculating the SSNIT pension fund.
Dr. John Ofori Tenkorang, Director General of SSNIT, said at a press conference at Citi News that there were flaws in the drafting of the law "that lend themselves to various forms of 39; interpretation ".
"Both parties have recognized this and have embarked on a process to correct it, which will likely result in a list of amendments that we would like to legislate to make our way of doing things," he said. -he explains.
Both parties submitted their positions to the National Pension Regulatory Authority (NPRA) and Dr. Tenkorang said that they "have managed to solve a lot of the problems".
The SSNIT has recently increased retiree benefits by 11%.
As of 8 January, the new monthly minimum pension was 300 GHS, which compares favorably with the national minimum wage of 287.55 GHS.
The government is developing a road map to unify all pension plans in the country by 2021.
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