The Social Security and National Insurance Trust (SSNIT) has pledged its continuous support to Pensioners even in these times of uncertainties alluding that their outfit will ensure retirees receive benefits due them on time.
The Director-General of SSNIT, Dr. John Ofori Tenkorang, made these comments on behalf of the Statutory Public Trust when he, together with his management team presented a Toyota pickup vehicle to the National Pensioners Association (NPA).
Upon presenting the vehicle to the Pensioners Association, the SSNIT Director-General opined that his establishment’s kind gesture is an indication of their commitment and value they place on Pensioners.
“I want to assure our cherished Pensioners of Management’s continuous support for their activities.
“Despite the adverse impact of COVID-19 on businesses, we will continue, as I have said, to pay your monthly Pensions without fail or delay”.Dr. John Ofori Tenkorang
Currently, Pensioners receive their pay within an average of 13 days after submitting their applications. This used to be 47 days in 2016. Also, with the introduction of the Pensioners Priority Desk, retirees are now speedily attended to, he added.
Highlighting some achievements of SSNIT, Dr. Tenkorang hinted that with its mandate of administering the First Tier Basic National Social Security Pension Scheme under the National Pensions Act 2008 (Act 766), the Trust expended a total of Gh¢3.3 billion on benefit payments for 2020.
Out of the Gh¢3.3 billion, SSNIT spent Gh¢2.9 billion on Pensions and Gh¢330 million as lump sum payments to other beneficiaries, Dr. Tenkorang disclosed, adding that, the total expenditure for this year is expected to increase further as more workers retire and apply for their benefits.
Touching on steps that SSNIT has taken to grow the fund in order to meet its obligations towards retirees, Dr. Tenkorang revealed that since 2017, his outfit has implemented cost saving measures including cleaning of the Pensioner’s payroll by deleting ‘ghost names’ on the payroll list every year.
So far, total cost savings has amounted to over GH¢512 million since 2017 of which GH¢246 million savings were made on legacy investment transactions. Deactivation of over 11,000 Pensioners from the payroll generated savings of over GH¢144 million. Also, savings of about GH¢121 million have been made on ICT Support Fees over the period, Dr. Tenkorang mentioned.
Afua Amankwa Sarkodie, the Corporate Affairs Manager of SSNIT, sharing her thoughts alerted that about 1.6 Million people, representing approximately 11% of workers in the country are active contributors to the Scheme.
“This should concern all of us and we must support the Trust to register more people to join the Scheme, so that every worker in Ghana after having toiled for several years can retire without angst and in relative comfort”.Afua Amankwa Sarkodie
The Acting General Secretary of the NPA, Mr. Stephen Boakye upon receiving the new vehicle expressed gratitude to the Management of SSNIT for yet another kind gesture to the Association.
He again commended the Management team, recounting previous donations, particularly the Gh¢800,000 support geared towards providing medical care for retirees under the Pensioners’ Medical Scheme (PMS), .
“We appreciate SSNIT’s assistance and corporation. The relationship that has existed between NPA and SSNIT over the past years, especially under the current Management, has been very cordial. We express our utmost appreciation and state that the vehicle will be used for its intended purpose”.Stephen Boakye