SSNIT cautions workers against misleading pension schemes

Director-General, Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang, has called on workers to be wary of misleading pension schemes that will worsen their plight at pension.

He said SSNIT had already built a robust scheme that considered the welfare of contributors and urged them to make use of that advantage.

Dr Ofori-Tenkorang said this at a day’s SSNIT/Trades Union Congress Volta Regional EducationalForum on Pensions in Ho.

He said the scheme was generous and a better alternative to investing in treasury bills and there were no myths surrounding pension benefits computation and that pensions were a direct reflection of salaries on which contributors were paid.

“With the SSNIT Pension Scheme, what you put in is what you get.

“I will proffer that for improved pensions, the conversation should shift from focusing on perceived low pension payment to addressing the salary levels on which contributions are paid. If salaries improve, then pensions will automatically improve.”

The Director-General said about 78 percent of pensioners earned a monthly pension of GHC 1,000 or less, approximately 71 per cent of active members contributing on GHC1,800 or less, with 25 per cent of active contributors and pensioners contributing GHC 400 or less approximately.

He added that 50 per cent of active members and pensioners contributed GHC 1,000 and GHC 600 or less respectively, with 4 per cent active members and one per cent pensioners contributing and earning GHC 5,000 or more.

Dr Ofori-Tenkorang said SSNIT was embarking on an aggressive public education drive imbued with technology to get to the grassroots, increase its visibility and create easy accces for its clientele.

Mr Robert Owusu Sekyere, General Manager of Benefits, SSNIT, stated that three factors come to play in the computation of benefits including; age at retirement, best three years contribution on basic salary and number of months of contributions.

He said the formula for the calculation of pensions is stipulated in law and as such no staff of SSNIT could vary that.

Mr Joshua Ansah, Deputy Secretary-General of TUC said pensions occupied a crucial position for workers and therefore imperative to bring the hierarchy of SSNIT to address pertinent issues bothering contributors.

He said organised labour was certain that the interactions would clear all doubts about social security and retirement planning.