Business News of 2014-03-04

SSNIT pledges speedy service to customers

The Social Security and National Insurance Trust (SSNIT) has pledged to leverage on the Automated Clearance House (ACH) to serve its clients and the pension public better.

The trust said it will rely on the ACH’s ability to ensure faster crediting of customer’s bank accounts to be able to pay pensioners and and/or their beneficiaries their entitlements promptly.

The ACH is an electronic system that ensures quick clearance of cheques within the banking system. It was introduced by the Ghana Interbank Payment and Settlement System (GhIPSS) to ease to the difficulties associated with cheque clearance in the banking system.

SSNIT, which mostly pays its customers – pensioners and the beneficiaries of retired staff – through the cheque system is, therefore, hoping that the ACH will help better its service.

SSNIT is the nation’s pension fund manager, which administers the pension system and pays pension benefits to people who have gone on retirement.

Under its regulations, people who are 60 years and above, have contributed to the trust for a minimum period of 180 months are entitled to monthly pensions upon retirement.

The person must, however, be a contributor for a minimum period of 36 months, have at least 12 months monthly contributions in aggregate within 36 months and be certified to be invalid by the SSNIT Medical Board to be able to qualify for pension.

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