The Social Security and National Insurance Trust (SSNIT) has denied accusations by Organised Labour that the Trust misinterprets Pension Law and pay low premiums to contributors.
It said benefits were accurately computed in accordance with (PNDCL 247, Act 766 and Act 883), and on sound financial and actuarial principles and practices.
Organised Labour on Tuesday, March 19, 2019, accused SSNIT of misinterpreting the Pension Law, resulting in the payment of low premiums to contributors.
According to the General Secretary of the Ghana Medical Association (GMA), Dr Justice Yankson, the situation had rendered pensioners worse off and in an unstable financial condition.
However, in a statement issued and copied the Ghanaian Times in Accra, the Trust said that it “has not changed the mode of computation of benefits” since these laws came into effect.
It said SSNIT, which “is regulated by the National Pension Regulatory Authority (NPRA), operates a transparent administration and is governed by a competent Board of Trustees.”
The board includes four members of Organised Labour, two representatives from Ghana Employers’ Association, one representative from National Pensioners Association, one representative from the Ministry of Finance, a representative from the security services, a board chairman, a director-general and two government appointees, the statement said.
It said management of SSNIT, since last year, had been engaging Organised Labour on the matters raised in relation to the computations of benefits.
“The issues in reference have been referred to the NPRA by both SSNIT and Organised Labour for their review and directives,” the statement added.
Consequently, “SSNIT awaits the pronouncements of the NPRA on these issues and would be guided by the regulator’s directives.”
The statement assured contributors and pensioners that their pensions were safe and their benefits calculated in accordance with law.
“We take this opportunity to assure all SSNIT contributors and pensioners that their contributions and pensions are safe and their benefits are calculated in accordance with the law,” it stated.
BY TIMES REPORTER