Business News of Mon, 11 Feb 20191
Labour Unions give SSNIT February 28 ultimatum to honour credits payment deal
Some labour unions have given the Social Security and National Insurance Trust (SSNIT) until February 28 to honour an agreement between them and the Trust on the terms and conditions for the computation and payment of past credits to retirees.
The group, which calls itself the Forum for Public Sector Registered Pension Schemes, and consists of Unions such as the Health Services Workers Union, the Ghana Medical Association and the Judicial Services Staff Association of Ghana, among others, believes SSNIT has disregarded the agreement and is using its own formula to calculate the payments.
This, they believe, has resulted in contributors being shortchanged.
According to the Forum, the agreed method of calculation between them, SSNIT, the National Pensions Regulatory Authority (NPRA), the Ministry of Finance and the Ministry of Employment and Labour Relations stated that the accrued interest, along with the “past credits for each affected contributor should be indicated on members’ contribution statement from SSNIT at the end of each quarter.”
It added that SSNIT’s failure to ensure the payment of the credits in accordance with the deal had resulted in complaints to the Forum about the “very low past credits paid to our retiring members as a result of the continued use of SSNIT’s own method of computation of past credits”
In a statement dated February 11, the Forum issued the 17-ultimatum to revert to the agreed method of calculating the past credits or face their wrath.
“We have been patient enough to await the implementation of the agreement since October 2017. However, SSNIT has refused to apply the agreed terms of calculating the past credits. It must be noted that by this agreement, the level of past credits is expected to change every quarter. SSNIT was expected to apply these terms and conditions in calculating and paying the past credits.”
“The FORUM is serving notice to SSNIT to comply with the agreed terms of payment of past credits by 28th February, 2019. Thereafter, the FORUM would advise itself on subsequent steps to take to get the realistic past credits paid to all its retirees”
Below is the full statement from the Forum for Public Sector Registered Pension Schemes