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Company News of Monday, June 17, 2019
Source: citinewsroom.com
2019-06-17
Every month, more than one million cedis were spent on the disability pension
The Social Security and Social Security Fund (SSNIT) saved 43 million GH ¢ last April after removing more than 6,300 ghost retirees from its payroll.
Last February, the Trust launched an exercise to clean up the payroll for the Ghost Names Pension in cooperation with the banks, who monitored inactive accounts over time and ended those he considered ghost retirees. .
Dr. John Ofori-Tenkorang, Director General of the SSNIT who reported this, said that cleaning up the pension payroll was part of prudent internal and external management and cost-cutting practices to put in place a plan. solid and autonomous.
As of March 2019, the SSNIT had 1,551,718 active contributors and 205,094 retirees on its payroll, with the highest-paid pensioner receiving GHS 55,899.57 per month, the minimum pension being GHS 300.00.
Mr. Ofori-Tenkorang spoke at an educational forum organized by the SSNIT in collaboration with the Congress of Trade Unions (TU) to discuss social security issues, particularly with regard to the calculation of pensions and benefits.
It aimed to promote awareness of the SSNIT program, to empower organized workers as peer educators for the Trust, and to demystify the controversial issues surrounding the calculation of benefits for contributors.
Dr. Ofori-Tenkorang emphasized that the sustainability of the program was very essential and urged all institutions to ensure that the Fund functions effectively.
According to the external actuarial valuation, the contribution rate required to pay benefits over the next 50 years and accumulate badets representing three years of total expenses was about 19.2%.
Last year, he said that the Trust had spent $ 2.5 billion in benefit payments and reported that $ 230 million was spent on pensions to more than 200,000 retirees each month.
Mr. Ofori-Tenkorang added that more than one million Cedis were spent on disability pension each month, adding that the SSNIT was committed to resolving all legitimate requests.
He said that there was no myth surrounding the calculation of benefits and that the pensions reflected directly the wages on which the contributions were paid, saying "with the pension scheme SSNIT, what you register is what you get "
He stated that the SSNIT had engaged in an aggressive public education program to promote knowledge of the system among Ghanaians and that the Trust was taking advantage of its many social media followers to educate and engage the public. millennium.
Mr. Joseph Poku, the pension officer who compared the participants in the calculation of the benefits of the SSNIT, listed the three factors taken into account in the calculation of benefits under the National Pension Act, 2008, Act 766, as age, average of the best 36 months of salary and pension.
He added that a contributor was entitled to a pension entitlement based on the number of months contributed to the Plan and indicated that the minimum and maximum pension entitlements earned for 180 and 420 months were respectively 37.5% and 60%.
He stated that wages were a key factor in the calculation of pensions and that, therefore, the higher the salary paid, the higher the pensions.
Mr. Joshua Ansah, Deputy Secretary General of the TUC, noted with concern that some workers were willing to make their employers make a small contribution to the SSNIT and deposit huge sums into private trust funds.
He advised the workers to focus on wage consolidation in order to obtain significant pensions instead of taking huge benefits, which has no impact on the calculation of pensions.
SSNIT was established in 1972 under NRCD 127. It administers first-level contributions corresponding to 13.5% of workers' base salary. Eleven percent of this amount is invested in the Social Security Fund and 2.5% in the National Health Insurance Scheme.
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