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The Civil and Local Government Staff Association, Ghana (CLOSAG) has appealed to President Akufo-Addo to ensure the restructuring of the Social Security and National Insurance Trust (SSNIT) to ensure the welfare of pensioners.
After a revision of the Pension Law for SSNIT to stop the payment of flat-rate benefits to pensioners from January 2020 according to PNDC Law 247, workers who turn 60 will no longer receive payments at both elevation of the Social Security and National Insurance Trust. Such taxpayers will now have to turn to fund managers for their second-level contribution for lump sums.
In his virtual closed-door celebration of May Day 2020, CLOGSAG Executive Secretary Isaac Bampoe-Addo said he believes a revision of the plan will improve the welfare of pensioners.
“On this Workers’ Day, May 1, 2020, CLOSAG is appealing to His Excellency Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana to personally ensure that SSNIT is immediately restructured to ensure workers safety of retirement income and meet their commitments under the three-tier pension scheme. ”
“For our part, the hedge pension trust has developed systems that allow it to play a leading role within the pension industry, has achieved economy, efficiency and effectiveness in providing the required services for the benefit of our valued local clients. . government service, civil service, non-formal division of the ministry of education and other public services, as well as the private sector. It is gratifying to note that during the first quarter of 2020 the coverage pension trust has paid all 214 pensioners who applied for level two benefits from January 1, 2010 until the time of retirement, ”he added.
According to Mr. Isaac Bampoe-Addo, SSNIT was to reduce its administrative cost, high staffing and low returns on investment according to a recommendation given by a Presidential Pension Commission established by former President John Agyekum Kufuor in August 2004 , but the Trust did. Pay no attention to the recommendation.
“The commission recommended that SSNIT, as an institution, undergo an extensive restructuring that should involve a review of its governance, management and administration structure. Furthermore, the proposed increase from one to three deputy CEOs should be reviewed by the SSNIT administration, ”he noted.
— citinewsroom
