The Social Security and National Insurance Trust (SSNIT), has paid more than GH¢1.7 billion to over 200,000 pensioners on the pension payroll as at July 2019.
It has also reduced its average benefits processing time from 21 days in 2018 to 17 days and registered 106 percent of its target leading to a sharp increase in the number of establishment’s contributions from 67,101 to 68,010.
Dr. John Ofori-Tenkorang, the Director-General of SSNIT announced the organization’s giant strides in an address at its annual operations conference to deliberate on issues bordering on the operations the Trust.
The three-day conference which commenced on Thursday at Cape Coast, will provide the platform for members of the SSNIT executive, department heads, area, and branch managers to discuss topical issues, review performance, proffer solutions and come up with new operational policies to ensure organizational growth.
With the increasing demands for benefit payments, Dr. Ofori-Tenkorang stated that the urgent need for the Trust to give prominence to collecting every all monies in arrears to sustain the organization that, had become necessary due to increasing wage bill, therefore, there is the need to adopt innovative strategies to increase contributions while reducing operational cost and other administrative expense to sustain the Scheme.
Dr. Ofori-Tenkorang mentioned that the Trust will no longer be paying 25 percent optional lump sum to pensioners from January 2020, adding that the ten years transition period for the National Pensions Act, Act 766 end on Tuesday, December 31, 2019.
From then, all workers who turn 60 years will have their benefits processed under the National Pensions Act and consequently, the Trust will cease payment of the 25 percent optional lump sum payment will be done by tier-two fund managers.
Mrs. Laurette Korkor Otchere, Deputy Director, Operations and Benefits on her part encourage members to stick to the best industry and global practices to endure mutual benefits.
She stated that her outfit is gearing to embark on massive registration exercise to rope in more workers saying: “As leaders of the operations division, we must embark on an aggressive expansion drive to improve social sec coverage beyond the estimated 10 percent of the economically active population.”
In that light, she mentioned intensified regular inspection of employer’s records to cover more eligible workers under the first tier scheme.
The management of the Trust, according to Mrs. Otchere will soon publish the names of highly indebted companies and their directors in the print media and on the Trust’s website to remind employers of their obligations to employees.
By: Isaac Asirifi/internewsnetwork.com