SSNIT, TUC hold consultative forum for stakeholders at Ho

The Social Security and National Insurance Trust (SSNIT) in collaboration with the national leadership of the Trades Union Congress (TUC) has held a Consultative Forum for Volta Region’s Regional and District leaders of the Scheme in Ho.

The forum which was held on Wednesday, 13 July 2022 is themed “Understanding the Value Proposition of SSNIT, the Role of Organized Labor as Partners in Promoting the Scheme Among Workers in Ghana”.

It was aimed at addressing the concerns of beneficiaries, clarifying misconceptions, and improving transparency among workers and pensioners in the formal sector.

The forum forms part of an effort to improve public knowledge of the operations of the Scheme.

Speaking on behalf of the Director-General of SSNIT, the Chief Actuary of SSNIT, Mr. Joseph Poku said that the SSNIT Scheme is the best as it covers 25% of workers' monthly contributions of GHS55 or less.

He further indicated that if these workers were to retire on the basic salaries 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 on which contributions are paid, therefore the higher the salaries on which members contribute, the higher their pension.

Mr. Opoku added that the longer the period of contribution, the higher the pension right earned, therefore members who contribute for 35 years and above earn the maximum pension right of 60%.

In his presentation, Mr. Opoku revealed a data that shows over 87% of workers have declared basic salaries of GHS 3000 or less to the Trust.

The Chief Actuary indicated that the pensions paid by SSNIT are only a reflection of the basic salaries workers have declared.

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 from their three years’ best salaries and pays them a pension for life in annual increments.

Mr. Opoku further disclosed that what Pensioners are receiving is better than what they would have received if they had invested their contributions in the 91-Day Treasury Bills.

“For Pensioners who have been on the Pension Payroll for 20 years, they have received more than five times what they would have received from Treasury Bills”. Mr. Opoku said.

The Chief Actuary encouraged participants to focus on the value the SSNIT Scheme offers and contribute to their correct salaries to enjoy an enhanced pension.

He added that SSNIT will this year roll out a comprehensive campaign to register self-employed persons and informal sector workers onto the Scheme through an App.

“The Trust will soon launch a SSNIT App and Mobile Money payment platform to ease doing business with Members especially the self-employed” He added.

The Deputy Secretary General of TUC, Mr. Joshua Ansah urged SSNIT to implement measures that will help their members track their contributions from the first day of joining the Scheme till the day they retire.

“The Trust is hopeful that the engagement with members of the Congress will also help to deepen the knowledge of stakeholders about the Scheme, and the value it offers and increases the level of awareness among Members.” Mr. Ansah said.

The chairman of the Health Services Workers Union for Volta/Oti region, Mr. Emmanuel Gator commended SSNIT for partnering the TUC to educate members about the Scheme.

He said that there was the need for similar engagements to be held continuously so that more workers could be better informed about the Scheme.

The Forum was well attended by the Corporate Affairs Manager of SSNIT, Ms. Afua Sarkodie, Manager in charge of Volta and Eastern Area of SSNIT, Mrs. Regina Esi Quaynor, Head of Corporate Affairs, National Pensions Regulatory Authority, Nana Sifa Twum, the Head, Occupational Safety, Health, Social Protection Unit of the Trades Union Congress (TUC), Ms. Theresa Nadia Abugah, Volta Regional Branch Manager, Mr. Newlove Alovoh, Mr. Dan Sosu, Volta Regional Chairman of the Trades Union Congress and Regional TUC Executives.