Published on 10 August, 2022.

The Ghana National Association of Teachers (GNAT) has commended the Social Security and National Insurance Trust (SSNIT) for organising programmes to provide enlightenment on the Social Security Scheme to the Public.

The commendation followed a presentation by Dr John Ofori-Tenkorang at the 2022 Investment Forum of GNAT held in Accra on Wednesday, 29th June 2022.

 The General Secretary of GNAT, Mr. T. Musa lauded the Management of the Trust for their dedication and commitment in readily availing themselves to educate the public on the operations of the Trust.

 He said providing insights on the SSNIT Scheme should be continuous, consistent, and across the board to enable more people embrace the Scheme.

The Director-General of SSNIT, Dr Ofori-Tenkorang, said the benefits the Trust provides for its Members and Clients are not limited to the Old age Pension but includes other benefits such as Old age Lump Sum, Invalidity and Emigration benefit.

 He said the Trust operates a defined benefits scheme hence the law predetermines the benefits that Members are entitled to.

“It means that you will receive what you’re legislated to get upon retirement, regardless. It also means we do not set the amounts for pensions and do not decide who gets what as an institution”, he added.

Dr Ofori-Tenkorang emphasised that the law has already provided for what percentage goes to Members and under what circumstance they can access those benefits.

He assured the public that their contributions to SSNIT were safe and argued that Members of the Scheme are guaranteed a value incomparable to any other in the pension industry.

Responding, Dr Ofori-Tenkorang said the SSNIT is obligated to pay all legitimate claims of Members and their dependants according to the social security law.

He urged friends and relations to SSNIT upon the death of a Member for benefits due the nominated dependants to be processed in good time.

An Economist and Professor of Finance at the University of Ghana and a Speaker at the Forum, Prof. Godfred Alufar Bokpin, said there is a need for Government and SSNIT to always assure the public that pensions will be regular and sustainable.

 “In other words, we have a collective duty to ensure that pensions are regular”, he said.

 Present were the President of GNAT, Mr Isaac Owusu, the Deputy Minister of Employment and Labour Relations, Mr Bright Wireko Brobbey, some GNAT National Council Executives, Chief Executives of various institutions and representatives from GNAT subsidiaries such as the Teachers Trust Fund.

Extending pension coverage to the self-employed-Trust engages Christian leaders as advocates

The Management of the Social Security and National Insurance Trust (SSNIT) has held a meeting under the theme “Extending Pension Coverage to the Self-employed and Informal Sector Workers-the role of the Church” at the Labadi Beach Hotel in Accra.

The meeting was held on Wednesday, 15th June 2022 and was attended by representatives of the Christian Council, the Catholic Bishops Conference, Ghana Pentecostal and Charismatic Council, and other Christian groups.

The meeting sought to deepen the Clergy’s understanding of the benefits of the SSNIT Scheme and its value to their congregations.

Speaking at the engagement, the Director-General of SSNIT, Dr John Ofori-Tenkorang, urged the Christian leaders to create awareness and sensitise their members about the benefits of the SSNIT Scheme.

 He urged the Clergy and other religious leaders to serve as social security champions in ensuring that the self-employed enjoyed social protection and a decent retirement.

 Dr Ofori-Tenkorang said the Ghana Statistical Service 2021 Population and Housing Census Report showed that out of the estimated workforce of 11.5 million, only about 1.7 million are active contributors on the SSNIT Scheme.

 “The SSNIT Scheme is not for only formal or public sector workers but is open to all workers in Ghana,” he explained.

 The Director-General said that the self-employed would have to declare a monthly salary and pay 13.5% (every month) of the stated salary to the Trust towards their pension.

He said the SSNIT Scheme has Flexible pension payment options and contributors can pay either monthly, quarterly or annually.

Dr Ofori-Tenkorang said the SSNIT Scheme pays a minimum pension and is indexed annually to adjust for inflation and maintain purchasing power. He disclosed that a Member who had received pension for seven (7) years as of 2022 had earned a pension increment of 132.21%.

“A Member receiving a pension for 17 years would have received an overall pension increment of 1,026%,” he said.

According to the Director-General, a Member on pension for 22 years as of 2022 has received an overall pension increment of 3,864 %.

Dr Ofori-Tenkorang said SSNIT Pension gives superior value to an invested Member’s contribution and exceeds contributions invested at a 91-Day Treasury Bill Rates (compounded quarterly).

He revealed that in 2021, GH¢18.4 million was paid to 1,536 invalid pensioners on the SSNIT payroll. Dr Ofori-Tenkorang said that pensions paid to invalid Members are written off when an invalid Member fully recovers; all existing contributions remain valid, and the Member can continue contributing to the Scheme and be eligible for all benefits.

Dr Ofori-Tenkorang said that persons who have contracted the services of workers such as house helps, security guards and shop assistants are obliged to pay social security contributions on their behalf.

 Past Presiding Bishop Methodist Church, Ghana, the Most Rev. Robert Aboagye-Mensah, who chaired the function, said the SSNIT Scheme is a good one and appealed to Church leaders to spread the social security message and help prevent poverty, especially among the aged. “The SSNIT Scheme is good and moving towards excellence,“ he added.