Business News of Tuesday, 4 December 2012

Source: Charles Addo

Pensioners demand adjustment in claims

Some concern pensioners have expressed worry about their present monthly take home claims after long service rendered to the nation.

According to some of the aggrieved pensioners, they are yet to see any adjustment since 2009- a situation they lamented, has made life unbearable for them.

Currently, the minimum monthly takeaway of a pensioner in the country is Ghc100.00.

Meanwhile, a policy Think Tank, IMANI-Ghana headed by Franklin Cudjoe has called for immediate investigations into the management of the country’s pension scheme.

Speaking to Citi Fm in Accra on Tuesday, Mr. Cudjoe said the management of the pension scheme is fraught with several challenges and inconsistencies.

He averred that as at now pensioners are unable to access their records and statements on the website of the National Pension Regulatory Authority (NPRA), adding that it is high time such challenges were rectified to restore the dignity of the scheme.

“Average interest on the government of Ghana treasury bill rate over the past three years is about 15% per annum having moved between 9.7 and 23% over the period. Giving the NPRA the benefit of doubt, considering that they are not trained and or skilled fund managers, one would like 10% per annum return on investments, anything less than that is robbery,” Mr Cudjoe bluntly stated.

He added that such developments would always create unnecessary tension between pensioners and management of the scheme.

“Less than 3% per annum as it is the case now per the NPRA’s own issued provisional benefit statement is criminal. If this is not the smoking gun, we do not know what else is,” he added.

In a swift response, Mr Sam Pee Yalley, acting Chief Executive Officer of NPRA, brushed aside claims by Mr Cudjoe but could not explain further except to say “our public relations directorate will soon address the media on some of these matters”.