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Accra, March 24, GNA – Management of
The Social Security and Social Security Fund (SSNIT) rejected the request by
Organized work that his calculation of retiree benefits is
inaccurate because it misinterprets the law on pensions.
In one
statement issued Sunday by its General Affairs Department, with a copy to
the Ghana News Agency, in response to the complaint, which was brought by the
media, he said: "SSNIT calculates the benefits accurately according to the
(PNDCL 247, Act 766 and Act 883), and on sound financial and actuarial
principles and practices.
"SSNIT has not changed the mode of
calculation of benefits since the coming into force of these laws.
"SSNIT, which is regulated by the
The National Pension Regulatory Authority (ANRP), manages a
administration and is governed by a competent board of directors which includes
four (4) members of the labor movement, two (2) representatives from Ghana
Employers 'Association, one (1) national retirees' representative
Association, one (1) representative of the Ministry of Finance, one
Security Services Representative, Chair of the Board, Executive Director
and two (2) persons appointed by the government ".
The management of SSNIT, said the statement,
since last year, hired unionized workers on issues raised
in relation to the calculation of profits.
The issues in question, he said, had been
SSNIT and the unions referred to NPRA for review and evaluation.
guidelines.
"The SSNIT is waiting for statements from the
NPRA on these issues and would be guided by the regulator's guidelines.
"We take this opportunity to badure everyone
Contributors and retirees of the SSNIT that their contributions and their pensions are
and their benefits are calculated in accordance with the law ".
At a forum in Accra last week, organized
Labor alleged that the misinterpretation of the pension law had resulted in
low premium payments to contributors.
The Secretary General of the Medical Association of Ghana,
Judge Yankson stated that the situation had made pensioners worse off.
unstable financial situation.
He explained:
"The authors of the law indicated that the lump sum was 25%.
one hundred monthly pensions for 144 months; while SSNIT calculates it at 25%
one hundred monthly pensions for 83 months instead of 144.
"The difference between the application
and the non-application of the lump sum annuity is equal to 41.9% ".
GNA
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