The Social Security and National Insurance Trust (SSNIT) in collaboration with the national leadership of the Trade Union Congress (TUC) organized a Consultative Forum for Regional and District Leaders of the Volta System in Ho.
Held on Wednesday 13 July 2022, the theme of the forum is “Understanding the Value Proposition of SSNIT, the Role of Organized Labor as Partners in Promoting the Scheme among Workers in Ghana”.
It aimed to address the concerns of beneficiaries, clarify misconceptions and improve transparency between workers and retirees in the formal sector.
The forum is part of an effort to improve public awareness of how the system works.
Speaking on behalf of the Managing Director of SSNIT, Chief Actuary of SSNIT, Joseph Poku said that the SSNIT scheme is the best as it covers 25% of workers monthly contributions of GHS 55 or less.
He further stated that if these workers retired with a basic salary of GHS 500 or less, they would earn a monthly pension of GHS 300.00.
He explained that pensions are a direct reflection of the basic salaries from which contributions are paid, therefore the higher the salaries to which members contribute, the higher their pension.
Mr Opoku added that the longer the period of contribution, the higher the pension entitlement, so members who contribute for 35 years and above get a maximum pension entitlement of 60%.
In his presentation, Mr. Opoku revealed data showing that over 87% of workers declared basic salaries of GHS 3000 or less to the Trust.
The chief actuary said the pensions paid by SSNIT are only a reflection of the basic wages declared by the workers.
He described the scheme as generous because even though workers contribute 11% of their basic salaries, the scheme guarantees them up to 60% of the average of their three-year best wages and pays them a lifetime pension in annual increments.
Mr. Opoku further disclosed that what the pensioners are getting is better than what they would get if they invested their contributions in 91-day T-bills.
"Retirees who have been on the pension payroll for 20 years have received more than five times what they would have received from Treasury bills". said Mr. Opoku.
The chief actuary urged the participants to focus on the value that the SSNIT scheme offers and contribute to their correct salaries to enjoy higher pensions.
He added that SSNIT will launch a comprehensive campaign this year to register self-employed and informal sector workers in the system through the application.
“The Trust will soon launch the SSNIT App and Mobile Money payment platform to facilitate transactions with members, especially the self-employed,” he added.
The Deputy General Secretary of the TUC, Mr Joshua Ansah, urged the SSNIT to put measures in place to help their members track their contributions from the first day they join the scheme until the day they retire.
"The Trust hopes that the involvement of Members of Congress will also help to deepen stakeholders' knowledge of the scheme and the value it offers, and increase the level of awareness among members." said Mr. Ansah.
The President of the Health Workers Union for the Volta/Oti Region, Mr Emmanuel Gator, commended the SSNIT for partnering with the TUC to educate members on the scheme.
He said there is a need for such engagements to be held continuously so that more workers can be better informed about the program.
The forum was well attended by SSNIT Corporate Affairs Manager, Mrs. Afua Sarkodie, Manager in charge of Volta and Eastern Region of SSNIT, Mrs. Regina Esi Quaynor, Head of Corporate Affairs, National Pension Regulatory Authority, Nana Sifa Twum, Head of Occupational Safety, Health, Social Trade Union Congress (TUC) Protection, Mrs. Theresa Nadia Abugah, Volta Regional Branch Manager, Mr. Newlove Alovoh, Mr. Dan Sosu, Regional Chairman, Trade Union Congress and Volta Regional Union TUC Executives.
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