Dr John Ofori-Tenkorang, the Director-General of SSNIT, has dismissed the assertion suggesting that workers are better off investing in Treasury bills and other security instruments than joining the pension scheme.

Speaking at a meeting with employers in Kumasi, Dr Ofori-Tenkorang boasted that SSNIT is the best when it comes to delivery of retirement benefit. As such, he declared that the calls that the institution cheats contributors is untrue. He emphasized that workers are given the benefits due them.

“It is out of place to think workers are better off by buying treasury bills as an investment than what SNNIT offered after retirement. SSNIT is the only pension scheme that pays pensioners until they die.”
Ofori-Tenkorang

The Director-General of SSNIT subsequently implored employers to pay the contributions of workers on their right earnings to enable them to get a decent pension on retirement. He noted that the amount a retiree receives as pension is always a reflection of his/her contribution history. He thus, appealed to workers not to feel cheated when they are given a small pension benefit. He accordingly asked employers to prioritise the pension of their workers.

“If employers declare small basic salaries of their workers to the Trust and pay them huge allowances, the workers would be worse off during retirement.”
Ofori-Tenkorang

Dr Ofori-Tenkorang opined that human resources are one of the valuable commodities that grow businesses if properly harnessed. “So, it is important for employers to seek the welfare of employees beyond active service.”

SSNIT Wants the Best for Stakeholders

The role of SSNIT, according to the Director-General, is to help manage the retirement liability of employers, by taking that cost off the balance sheets of their businesses, when their employees retire.

“So, we are there as a partner to help you manage the retirement liability. Without us being there, you would have to be carrying it squarely on your shoulders”.
Ofori-Tenkorang

Dr Ofori-Tenkorang admonished that though the relationship between SSNIT and employers had been thorny at times, especially when officials of SSNIT showed up at their workplaces with demand notices and court summons, it was for the collective good of all stakeholders.

“I assure you that we take no delight in taking legal action but if we do not, we will not be able to fulfil our obligation to pay retirement benefits to your workers.”
Ofori-Tenkorang

Dr Ofori-Tenkorang assured that SSNIT is focused on its core mandate and would deliver on its obligation to workers and all contributors.

The Kumasi meeting followed a similar meeting held in Accra in October. It was aimed at strengthening the relationship between SSNIT and employers, and to deepen their understanding of the operations of the Scheme.

It also sought to enable the employers to appreciate how the regular payment of workers’ contributions could enhance their commitment, loyalty and also improve productivity.

The meeting with employers was instituted by SSNIT in 2019, it formed part of efforts to improve service delivery to its stakeholders.

The theme chosen for this engagement was, “Social Security: Employer Compliance and its Impact on Businesses and Employees’ Morale.”