Highest-paid pensioner earns 55,000 GHC per month – SSNIT Boss | Social

The highest paid retiree in 2019 earns 55,000 Ghanaian cedis per month, and the second person earns 50,000 Ghanaian cedis.

This was revealed by Dr. John Ofori-Tenkorang, director of the Social Security and Social Security Fund (SSNIT), at Citi TV's Point of View issue Wednesday.

However, he stated that the number of people earning about this amount does not represent 1% of pension benefits managed by the SSNIT.

"My highest-paid pensioner earns about 55,000 Ghanaian cedis a month, for 2019 the next is 50,000, [and] the next is 45,000. The percentage of people who earn such income is very small, it represents less than 1% of pensioners, "he said.

There have been complaints about low pension payments, many accusing the Trust of reducing retirees.

But Dr. Tenkorang said benefits are based on workers' contributions and wages, which means that what people receive from the SSNIT depends on what they have invested.

"Statutory benefits in the SSNIT pension plans are the basis of the benefits you pay for the salary to which you contributed. So, if you contribute with a low salary or avoid your contribution, you should not expect to get more. You will get what you have invested, "he said.

He said that the lowest pension paid in 2019 was 300 Cedis from Ghana.

He attributed the small amount of pensions to the inability of some employers and employees to contribute enough in active service.

According to Dr. John Ofori Tenkorang, the current situation is not a deliberate attempt by the Trust to deprive retirees of what is due to them.

International Workers Day yesterday [Wednesday] In Ghana, organized workers took to the streets to protest poor conditions of service.

The signs on inadequate retirement pensions were consistent with the theme of this year's celebration of May 1, "Sustainable Pensions for All: The Role of the Social Partners"

Some fear that most retirees can not lead a decent life because the pension benefits provided by the public institution are terribly inadequate.

President Nana Akufo-Addo on Wednesday instructed the Minister of Employment and Labor Relations to resolve all issues related to pensions in the next three months.

The ministry should work with the SSNIT and the National Pension Regulatory Authority (NPRA).

Speaking to the celebrations of the Day of May 2019 Wednesday on Black Star Square, President Akufo-Addo emphasized the essential contribution of the workforce to economic growth.

"We will build a strong economy and a prosperous society when we put in place a sustainable pension plan for all workers. For too long, many of our peoples, the end of their lives are marked by poverty. Too many people have no pension at all or do not have enough pension to meet the needs of old age, "said the President.

In the informal sectors of the economy, President Akufo-Addo lamented that "most people work without worrying about pension coverage and that, when they no longer have the strength to to work, their lives become miserable. "

With about 90% of workers working in the informal sector, the president said attention should be focused on extending access to this sector in line with the National Pensions Act.