You are here: HomeBusiness2019 04 25Article 741385

Business News of Thursday, 25 April 2019


Review pension law – SSNIT Boss

Director-General of SSNIT, Dr John Ofori Tenkorang play videoDirector-General of SSNIT, Dr John Ofori Tenkorang

The Director-General of the Social Security and National Insurance Trust Dr John Ofori Tenkorang has called for a review of the law that governs the country’s pension scheme.

Speaking at a Pre-May Day Forum held on Wednesday, April 24, Dr Ofori Tenkorang explained that there are gaps in the existing laws that hinder the smooth operation of the trust.

He made some recommendations which he believes when propagated will serve the best interest of workers and the scheme.

Many people are not aware of these benefits and hence do not take advantage of them. As to the generosity of the SSNIT pension scheme is the fact that the board of SSNIT in 2014 instituted something called the minimum pension and this is a pension amount that no pensioner will earn below so even if you are contributing on minimum wage and we calculate your pension and we find out that your pension is below this amount, you are automatically brought up to meet this amount”.

Dr Ofori also shot down notions that SSNIT cheats on its contributors.

“SSNIT is committed to paying all legitimate claims that come before it. I must state unequivocally that SSNIT is not cheating pensioners. It is not in my interest or any SSNIT employee not to pay the legitimate claim to any pensioners.”

“And we must also have some conversation on whether it is appropriate to just pay dividends based on only best three years of contributions. In other jurisdictions like the UK, the lifetime average is what is used.”

SSNIT is a generous scheme

Dr Ofori also stated that contrary to allegations that the trust is harsh on pensioners, SSNIT is actually ‘generous to contributors’.

“SSNIT is a generous scheme. I knew I would get such a response from you when I said this. It is not in my interest or any SSNIT employee not to pay the legitimate claim to any pensioners,” he added.