SSNIT is financially sound to continue pension scheme – D.G.

SSNIT (Social Security and National Insurance Trust) and Director-General Charles K Asare has assured all pensioners that the Pension Scheme is financially sound to continue to pay their entitlements. "The scheme is sufficiently resourced to deliver the benefits far into the future," Mr Asare said.

Addressing the closing ceremony of the first quadrennial delegates Conference of the SSNIT Pensioners Association in Accra, Asare admitted that there are some challenges in the investment areas of the scheme but this has been blown out of proportion by a section of the media.

He said: "we ourselves are fully aware of those investments which have under performed and have initiated measures either to divest our interest or restructure them for improved performance."

Asare mentioned in particular the manufacturing sector, which has under performed mainly due to the current economic difficulties of the country. However, the financial sector is performing. "It is in the light of these developments that we assure all our stakeholders that management is in control of the fund."

Asare said the Trust has started negotiation with the Banks and from next year will absorb bank charges imposed on pensioners' monthly salary.Mrs Ama Benyiwa-Doe, Deputy Minister of Employment and Social Welfare, said issues concerning the aged are vital which in the past were given little attention but now occupy the centre stage of government's policy.

She said statistics available indicate that Ghana is a youthful country, and with an increasing life expectancy rate, "there will be a relatively high percentage of the aged and retired people living by the year 2020."

This calls for serious planning to avoid an increase in the scenes in our communities where the aged are left to fend for themselves and sometimes entirely neglected, Benyiwa-Doe said. She said under the Vision 2020 policy, government intends to promote and establish day-care centres and provide specialised health care for the aged.

She advised the pensioners to exercise regularly and undergo periodic medical check-ups to keep fit. Kwame Adu Amankwa, Secretary General of the Trades Union Congress, in a speech read for him, said a proposal for review of the SSNIT Law has been submitted to government.

The proposal called on government to reduce its representation on the SSNIT Board and increase workers representation, the student loan scheme and the formula for the calculation of old age grants.

Adu Amankwa said TUC would follow developments of the SSNIT investigation and will react accordingly. The media, particularly the private ones, have of late been criticising the board of SSNIT, which is responsible for pensioners, for mismanagement and impropriety.