• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 25, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

CLOGSAG Pushes for Amendment of Pensions Act to Allow Retirees Opt out

September 21, 2022
Stephen M.Cby Stephen M.C
in Pension
0
CLOGSAG Pushes for Amendment of Pensions Act to Allow Retirees Opt out

The Civil and Local Government Staff Association (CLOGSAG) has served notice it will be putting a proposal before Parliament to amend the Pensions Act, 766, to allow retirees to opt out of the Social Security and National Insurance Trust (SSNIT) pension scheme.

This, according to the Executive Secretary of CLOGSAG, Isaac Bampoe Addo, allows retirees who have worked for their compulsory 180 months to have a better pension. The association explained that the call is to ensure that retirees are not worse off under the SSNIT pension scheme.

“We think that the minimum required is 180 months and you are pensionable, so it should be optional after I have contributed my 180 months and then my pension, that is the 13.5 percent I can use for other pension products.

“This is a proposal that we will be pushing forward because we think after you have done your minimum 180 months, you should be given the option to opt out of the SSNIT Scheme because we all don’t work for SSNIT for 24 months.”

Mr Bampoe Addo

Describing the aims and objectives of the Association as “laudable”, Mr Bampoe Addo insisted that in no time the voices of pensioners will be heard. The Executive Secretary of CLOGSAG iterated that the amendment will make retirees receive enhanced benefits in retirement.

RelatedPosts

Pension Assets Skyrocket to GH₵51.96bn, Driving Market Dominance

SSNIT’s Asset Value Jumps 46% as Government Clears Debt and Investment Returns Soar

NPRA Pushes for Bold SSNIT Reforms to Safeguard Pensions After GH¢61.7bn DDEP Blow

Mr Bampoe Addo noted that despite active workers having a say on their pension contributions and their security thereof, retirees do not have such.

“At the moment, whereas active workers enjoy protection for their monies, retirees do not have any means that protect their finances.”

Mr Bampoe Addo

The Executive Secretary of CLOGSAG, moreover, noted that the Association will even afford members an opportunity to meet regularly and socialize for long-term health benefits.

Government Accrues over GHS40 billion Pension Funds for Retirees

In response, Mr Bright Wereko Brobbey, the Deputy Minister of Employment and Labour Relations, asserted that the government accrued over GHS40 billion as pension funds for retirees.

Mr Bright Wereko Brobbey disclosed that the government will roll out a risk-based system to provide security for all pension funds for the retirees.

It can be recalled that the recent amendment of the pension was in 2014. Subsequently, on 31st December, 2014, Act 883, the National Pensions (Amendment) Act, passed by the Parliament of Ghana came into force. At the time, the amendment was made to reduce the age exemption of those to whom Act 766 became applicable from its inception on 1st January, 2010 from 55 years to 50 years; To correct the formula for computation of pensions which was wrongly stated in Act 766; To introduce an Emigration Benefit under the 1st Tier being managed by SSNIT, to take care of non-Ghanaian members when they retire and are leaving Ghana for good. It also takes care of those who have not reached the retirement but are leaving Ghana permanently, and among others.

READ ALSO: AfDB Gets US$5 Million Grant From US Government To Tackle Methane Emissions

Tags: AmendmentCLOGSAGPension fundsRetireesSSNIT
Please login to join discussion
Previous Post

Kwame Nkrumah Memorial Day: The Country You Fought For Is In A Mess- Ras Mubarak

Next Post

WHO Validates Malawi For Eliminating Trachoma, First Country In Southern Africa

[mc4wp_form id="1264"]

Related Posts

Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin
Economy

Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin

August 25, 2025
Security has been heightened for the Akwatia by-election
General News

Police Seize Weapons Ahead Of Akwatia By-Election

August 25, 2025
Ghana’s Gold Reserves Rise to 34.40 Tonnes in July 
Extractives/Energy

Ghana Gold Trade Boom Amid Gold Export Surge

August 25, 2025
Dr. Rashid Tanko-Computer
General News

Tanko-Computer Doubts NPP’s Exit from Tamale Central Race

August 25, 2025
91-Day T-Bill Yield Jumps to 10.41%
Securities/Markets

91-Day T-Bill Yield Jumps to 10.41%

August 25, 2025
Life Slowly Returns To War-Scarred Khartoum
Africa

Life Slowly Returns To War-Scarred Khartoum

August 25, 2025
Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin
Economy

Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin

by Stephen M.CAugust 25, 2025
Security has been heightened for the Akwatia by-election
General News

Police Seize Weapons Ahead Of Akwatia By-Election

by Lilian AhedorAugust 25, 2025
Ghana’s Gold Reserves Rise to 34.40 Tonnes in July 
Extractives/Energy

Ghana Gold Trade Boom Amid Gold Export Surge

by Prince AgyapongAugust 25, 2025
Dr. Rashid Tanko-Computer
General News

Tanko-Computer Doubts NPP’s Exit from Tamale Central Race

by Silas Kafui AssemAugust 25, 2025
91-Day T-Bill Yield Jumps to 10.41%
Securities/Markets

91-Day T-Bill Yield Jumps to 10.41%

by Stephen M.CAugust 25, 2025
Life Slowly Returns To War-Scarred Khartoum
Africa

Life Slowly Returns To War-Scarred Khartoum

by Lawrence AnkutseAugust 25, 2025
Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin
Security has been heightened for the Akwatia by-election
Ghana’s Gold Reserves Rise to 34.40 Tonnes in July 
Dr. Rashid Tanko-Computer
91-Day T-Bill Yield Jumps to 10.41%
Life Slowly Returns To War-Scarred Khartoum
[/vc_row_inner]

Recent News

  • Timely Coupon Settlements Key to Ghana’s Return to Global Capital Markets- Prof. Bokpin
  • Police Seize Weapons Ahead Of Akwatia By-Election
  • Ghana Gold Trade Boom Amid Gold Export Surge
  • Tanko-Computer Doubts NPP’s Exit from Tamale Central Race
  • 91-Day T-Bill Yield Jumps to 10.41%
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.