Employers have been urged to pay their employees’ contributions to the Social Security and National Insurance Trust (SSNIT) by the 14th of the ensuing month or risk paying penalties for default.

SSNIT management stated in a press release that defaulting employers have the right to negotiate a settlement, and that failure to do so will force the institution to take legal action against them.

“The Trust encourages and reminds employers to pay the social security contributions of their workers by 14^thof the ensuing month to avoid paying penalties. However, where employers fail to do so, they have the option to negotiate terms of settlement. Management of SSNIT initiates court action against defaulting employers who fail to take advantage of the negotiation.

“SSNIT continues to engage government, the largest employer, to pay the contributions of its employees.”
SSNIT Press Release

SSNIT, on the other hand, assuaged public concerns regarding their management of the funds. It reassured the general public that the monies would be managed prudently to ensure a good post-retirement life.

Dr. John Ofori-Tenkorang, the Director-General of SSNIT, however, decried employers’ lack of compliance and claimed that development threatens the scheme’s long-term viability. He argued that their attitude had a significant impact on their performance and urged employers to pay their staff’s contribution on time.

“Often, less than 50 per cent of employers pay their workers’ contributions by the 14th of the ensuing month, which is the deadline for contributions payment.”

The Director-General said in response to people’s complaints about low pensions they receive saying, “what you put in determines what you get.”

“All the factors that determine how much one receives as benefits all depend on the contributor. So, the inputs, such as the age at which one retires, the average of three years’ best salaries and the number of months’ contributions have been paid are entirely from you, the worker or employer.”
Dr. John Ofori-Tenkorang

Dr. John Ofori-Tenkorang explained that pensions have a positive correlation with how much one contributes to the scheme. As a result, individuals who earn more and pay more into the system have better pensions than those who pay less.

Speaking about improved service delivery, the SSNIT boss disclosed that workers who retired were guaranteed their pay within a maximum of 16 days after financial records were verified.

The Trust have also sent statements of accounts to its members via email and text messages, according to the Director, who urged all contributors to update their records so that his organization can provide constant updates on their contributions.

Dr. Ofori-Tenkorang stated that the PNDCL 247 was on December 31, 2019, and that SSNIT would play its part in the full implementation of Act 766, stating that starting in January 2020, SSNIT would process and pay all members who turned 60 their monthly pension using Act 766, as well as a one-time past credit.

“The past credit will be paid to only members who had contributed into the scheme as at December 31,2009.”
Dr. John Ofori-Tenkorang

The SSNIT boss added that ghost names had been removed, saving the Trust GH 62 million as of November 2019, and that the Trust will try its best to provide an enviable and appealing plan to employers to urge them to patronize the scheme without being forced.