Supplementary retirement scheme needed - SSNIT Boss

Accra (Greater Accra), 13 Jan. '99 - Mr Charles Asare, Director-General of the Social Security and National Insurance Trust, has called for the establishment of a supplementary retirement scheme for workers aside the universal basic pension scheme operated by the Trust. Such a scheme will provide additional benefits to workers but the necessary tax incentives and regulatory framework should be put in place to enable workers, employers and government to fund the scheme. Mr Asare said at a reception for media practitioners in Accra yesterday. Mr Asare expressed concern about the controversy over the SSNIT Pension Scheme and the CAP 30 (Civil Servants Pension) and said it is wrong to compare the two since the underlying principles governing them are different While the SSNIT Pension Scheme is a universal self-funded and a social insurance scheme, Cap 30 is an employer assisted scheme funded out of the consolidated fund and benefiting a limited class of people. It is not financially feasible to expect the two schemes to have the same benefits Mr Asare said and gave the assurance that the Trust would improve its services adding that an employment injury and health insurance benefits will soon be introduced which will also the private sector. Mr Yaw Boadu-Ayeboafoh, Vice President of the Ghana Journalists Association, urged the management of SSNIT to ensure effective management of workers contribution for their benefit adding that the future of workers will be jeopardised if the funds are mismanaged.

Accra (Greater Accra), 13 Jan. '99 - Mr Charles Asare, Director-General of the Social Security and National Insurance Trust, has called for the establishment of a supplementary retirement scheme for workers aside the universal basic pension scheme operated by the Trust. Such a scheme will provide additional benefits to workers but the necessary tax incentives and regulatory framework should be put in place to enable workers, employers and government to fund the scheme. Mr Asare said at a reception for media practitioners in Accra yesterday. Mr Asare expressed concern about the controversy over the SSNIT Pension Scheme and the CAP 30 (Civil Servants Pension) and said it is wrong to compare the two since the underlying principles governing them are different While the SSNIT Pension Scheme is a universal self-funded and a social insurance scheme, Cap 30 is an employer assisted scheme funded out of the consolidated fund and benefiting a limited class of people. It is not financially feasible to expect the two schemes to have the same benefits Mr Asare said and gave the assurance that the Trust would improve its services adding that an employment injury and health insurance benefits will soon be introduced which will also the private sector. Mr Yaw Boadu-Ayeboafoh, Vice President of the Ghana Journalists Association, urged the management of SSNIT to ensure effective management of workers contribution for their benefit adding that the future of workers will be jeopardised if the funds are mismanaged.