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General News of Tuesday, 9 April 2019
Source: citinewsroom.com
2019-04-09
Deputy Minister Bright Wereko-Brobby
The Ministry of Employment and Labor Relations provides a set of guidelines for the badysis of social security and the National Insurance Trust's (SSNIT) methodology for computing pension funds.
A committee of the Trade Unions Congress identified gaps in SSNIT's computation of pension benefits for contributors.
The committee reported that SSNIT misinterpreted what constitutes annual salary, early retirement reduction factor and annuity factor.
Speaking at the Public Accounts Committee Hearing on Monday, Deputy Sector Minister, Bright Wereko-Brobbey said.
He has been with the Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Mr Hayford Attah Krufi, in response to queries in the 2016 Auditor-General's Report on the NPRA.
"This week we are having a meeting with us and we are having a good time. So I would authoritatively say that we are dealing with it with the urgency it deserves, "Bright Wereko-Brobbey stated.
He suggested further that the computations concerned "must be discussed at a roundtable."
According to Mr. Wereko-Brobbey, there may be some confusion over the perception of SSNIT's computations.
"The matter seems to be what you are doing is not going to be SSNIT is doing."
The ministry is expected to meet SSNIT and organized labor on this matter on Thursday, April 11.
SSNIT recently increased the benefits of pensioners by 11 percent.
From January 8, the new minimum monthly pension was GHS300 cedis, which was said to be favorably favored by GHS287.55.
The government is developing a roadmap to unify all board schemes in the country by 2021.
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