The Ministry of Employment and Labour Relations says it has started consultations in a bid to address organised labour’s concerns over the Social Security and National Insurance Trust’s (SSNIT) methodology for computing pension funds.
A committee of the Trade Unions Congress identified gaps in SSNIT’s computation of pension benefits for contributors.
[contextly_sidebar id=”p7kkUfioH9qXwZ26JBmqYuzlZBGFVQh1″]The committee reported that SSNIT misinterpreted what constitutes annual salary, early retirement reduction factor and annuity factor on lump sum which ultimately affects the contributor.
Speaking at the Public Accounts Committee hearing on Monday, Deputy Sector Minister, Bright Wereko-Brobbey said his outfit is engaging widely over the concerns.
He was at the sitting with the Chief Executive Officer (CEO) of the National Pensions Regulatory Authority (NPRA), Mr Hayford Attah Krufi, to respond to queries raised in the 2016 Auditor-General’s Report about the NPRA.
“This week we are even meeting organised labour and meeting SSNIT on that for us to have a better explanation as to how these things are being done. So I would authoritatively say that we are dealing with it with the urgency it deserves,” Bright Wereko-Brobbey stated.
He suggested further that the computations concerns “must be discussed at a roundtable.”
According to Mr. Wereko-Brobbey, there may be some confusion over the perception of SSNIT’s computations.
“The matter appears to be that what organised labour are perceiving to be what it is now may not even be as SSNIT is doing.”
The ministry is expected to meet SSNIT and organised labour on this matter on Thursday, April 11.
SSNIT recently increased the benefits of pensioners by 11 percent.
From January 8, the new minimum monthly pension was GHS300 cedis, which was said to compare favourably with the national daily minimum wage which is GHS287.55.
The government is developing a road map to unify all pension schemes in the country by 2021.
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By: Sixtus Dong Ullo | citinewsroom.com | Ghana
