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The Greater Accra regional chapter of the Trade Union Congress has called for a total revision of the formula for calculating pensions.
This call is to “better improve pensions,” according to a statement from the TUC Regional Labor Council.
The Council considers that the National Pension Law, Law 766, has not improved the difficult situation of pensioners “but it has made them worse than when they were under PNDCL 247.”
You now want PNDCL 247 to be used to calculate retiree lump sum payments “for enhanced pension lump sum payments.”
Law 766 provided for the reform of pensions in the country through the introduction of a three-tier contributory pension plan.
It also allowed the establishment of a National Pension Regulatory Authority to oversee the administration and management of registered pension plans and the trustees of registered plans and the establishment of a Social Security and National Insurance Trust to manage the basic pension plan. national social security to attend the first level of the three-level contributory regime.
Had an increase of 11 percent in monthly pensions in 2020.
This was made up of a flat rate of 6.6 percent and a flat amount of GHS 37.38 added to the salary of all pensioners, which made up the remaining 4.4 percent. Find below a statement from the union:
RESOLUTION OF FORUM 766 OF LAW 766 OF THE REGIONAL WORK COUNCIL OF ACCRA
The TUC Regional Labor Council at its Greater Accra Regional Labor Council meeting held on 17th September 2020 in Tema recognized that;
Whereas all workers deserve a better pension upon retirement;
AND
Whereas pension reforms are necessary for all workers, both in the public and private sectors;
AND
Considering that the National Pensions Law, Law 766, was intended to improve pension benefits for all workers of the unified pension system to create equity among beneficiaries;
AND
Whereas the recent decision of the government to separate the workers of the security services from the unified pension due to poor benefits;
Therefore, we resolve that since the objective of Law 766 was to improve the welfare of retirees, but it has made them worse than when they were under PNDCL 247, we call on the government to do the following:
- PNDCL 247 should be used to calculate retiree lump sum payments for enhanced pension lump sum payments.
- Extension of the pension from 60 to 65 years to allow more accruals to the contribution to the individual’s pension.
- Review the formula for calculating pensions to better improve pensions.
— citinewsroom
