New pension scheme to begin January 2010

Accra, Aug. 14, GNA - The implementation of a new three tier pension scheme is to begin in January 2010, Mr John Jinapor, an Aide to the Vice President, disclosed this to the GNA on Friday.

He said it was the outcome of a meeting conveyed by the Vice President John Mahama to dialogue with organized labour on a road map towards the implementation of the new plan, which is being touted as critical in increasing pension benefits and retirement income protection for workers.

Mr Jinapor said the only snag holding the implementation of the scheme was the need for the Social Security and National Insurance Trust to acquire new "operating software" for the scheme to take off. Consequently, the Vice President has in consultation with organized labour formed a committee comprising the Pension Reform Implementation Committee and SSNIT to ensure that the implementation proceeded as agreed at the meeting.

It would be recalled that Vice President on July 31 held talks with organized labour and other stakeholders behind closed doors at the Castle, Osu, to discuss a number of issues including developing a road map for the implementation of the new National Pensions law of 2008, Act 766.

The meeting was attended by leadership of the Ghana Trades Union Congress (GTUC), the Ghana Association of Teachers (GNAT), the Ghana Federation of Labour (GFL), the Judicial Service Workers Association (JUSAG), the Civil Servants Association (CSA) and the National Association of Graduate Teachers.

Others were the members of the Pension Reform Implementation Committee (PRIC), the Ghana Employers Association and the management of the Social Security and National Insurance Trust (SSNIT). The new pension scheme would involve a contributory three-tier pension system comprising two mandatory schemes and a voluntary scheme.

Source:
GNA

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