Published on 16 January, 2018.
A six-member delegation from the Trade Union Congress (TUC) have met with the SSNIT Board of Trustees at the Pension House, Accra to discuss matters of mutual interest including the sustainability of the National Pension Scheme.
Dr Justice Yankson, who led the TUC delegation sought clarifications on the formula for the computation of pensions to which responses were provided by the SSNIT team.
The delegation was of the view that better monthly pensions should be paid to their members after many years of contribution.
Dr John Ofori-Tenkorang, the Director General explained the concept of annuity in pension computation.
The Annuity Period is the insurance period for the calculation of pensions for the Ghanaian worker upon attaining age 60. The calculation is done using either PNDCL 247 or the National Pension Act 766.
The Director General said in the quest to bring pensions to some appreciable minimum level, SSNIT has been subsiding pension payments of many low income earners, a situation that required significant capital accumulation.
Mr. Michael Addo, Deputy Director General, Finance and Administration spoke on measures taken to sustain the SSNIT Scheme which includes cutting down on high administrative cost.
He said three major areas of high expenditure within the Trust are Medical, Utilities and Transport.
Mr. Addo said management was engaging staff and Identifiable Bodies on ways to reduce expenditure through cost control measures in all the offices.
He said staff were being encouraged to make judicious use of electricity and also medical care as part of measures to achieve this goal.
On revenue mobilization, the Deputy Director General said the Trust has engaged the Ministry of Finance and government was taking steps to settle its indebtedness to improve the Trust’s finances.
Dr Kwame Addo Kufuor, Chairman of the Board of Trustees chaired the meeting. Also present were the Board members of SSNIT.