Director General of the Social Security and National Insurance Trust (SSNIT), Dr. John Ofori-Tenkonrang, has told Ghanaian workers to register with the pension scheme and monitor their contributions while they are still in active service.
“The quantum of money you receive as pension benefit will largely depend on how long you contributed and also how much you contributed. You have to be serious with your SSNIT contribution today for happy days in future when you retire. If you don’t register with the scheme and monitor your contributions today, you will have yourself to blame tomorrow,” Dr. Ofori-Tenkorang.
The Director-General of SSNIT made the call during a presentation at a sensitization forum in Bolgatanga for leaders of Organized Labour in the Upper East Region.
According to Dr. Ofori-Tenkorang, the nationwide sensitization forums dubbed, “SSNIT-TUC Educational Forum,” are meant to bring Social Security and National Insurance Trust and the Labour Unions together to dialogue on SSNIT and pension matters, which get members of the Labour Unions agitated.
He urged contributors to be hopeful of good pension benefits that match their contributions, saying, “Your contributions are safe and SSNIT invests them properly. “We will not invest your money in “ponzi” schemes and that is why we urge every worker to register and contribute as a sure way of securing your future after retirement.
Data at SSNIT indicate that approximately 78 percent of pensioners earn a monthly pension of GH¢1,000 or less and approximately 71 percent of active members are currently contributing GH¢1,800 or less.
One percent of pensioners earn GH¢5,000 or more and four percent of active members of SSNIT are currently contributing GH¢5,000 or more.
Fifty percent of pensioners earn GH¢600 or less
The Director General cautioned employers who are not paying the contributions of their employees, saying it’s still an offence not to pay employees’ contributions to SSNIT to secure their future and employers caught could face legal action.
Organised Labour Executive present called for period public interactions with SSNIT so as to deal with the suspicion and myths about the scheme.
General Manager in charge of Benefits, Owusu Sekyere educated the Labour Union Executives on the factors that are considered in the calculation of pension benefits.
“These are the age at which one retires, the average of the best three years basic salaries and the number of months contributed,” Mr. Sekyere added.
As at April 2019, the total number of pensioners on SSNIT payroll was 205,094, with the highest paid pensioner taking home GH¢55,899.57.
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