Friday , March 29 2024

SNNIT CALLS FOR AN INCREMENT OF CONTRIBUTION RATE

Social Security and National Insurance Trust (SSNIT) has called for a review of the contribution rate of workers to enable it to sustain the pension scheme and to pay workers higher pensions.

Recently, the contribution rate is 11% of basic salary but SSNIT wants it reviewed to 19.2%. The forum was organized by the Trade Union Congress (TUC) in collaboration with SNNIT. Participants were taken through practical details of how to estimate their pensions.

The Volta Regional forum in HO discussed issues related to pensions, benefit computation, among others. The Director-General of SNNIT, Dr. John Ofori-Tenkorang, said there was the need for a discussion on what the correct funding rate should be for the scheme.

Dr. Ofori-Tenkorang said the benefits that pensioners received as compared to the contributions they make showed that there was a chance SNNIT might not be able to meet its obligations in the future. Especially, when SNNIT allows pensioners to come on board.

He describes SSNIT as a “generous scheme”. He explained that the lowest paid pensioner earns more than a lowest paid worker in active service despite meager contributions.

To him, the system put in place did not create the opportunity for SNNIT workers to steal people’s pensions. And in a situation whereby there was a wrong computation of benefits, it could be easily rectified.

SSNIT boss mentioned that SSNIT had embarked on an aggressive public education agenda to promote knowledge of the scheme, among others. And for that matter has rolled out to empower next generation of workers on their right to the scheme.

The Deputy General of TUC, Mr. Joshua Ansah, said pensions had been a major concern for workers in Ghana and that was why they felt it necessary to bring the top hierarchy of SSNIT to address the concern for workers. He urged workers to take an active interest in their social security and retirement planning.

Story by: Osei Abigail/pinkfmonlinegh.com

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