The workers are not happy with the pension formulae
The workers are not happy with the pension formulae
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A group of labour unions has issued a 17-day ultimatum to the Social Security and National Insurance Trust (SSNIT) to implement an agreement on the computation and payment of past credits to retirees.

The unions claim SSNIT has disregarded an agreement it signed with them on the terms and conditions for the computation, and is rather unilaterally using a difference formula to calculate the payments.

Known as the Forum for Public Sector Registered Pension Schemes, the group, which includes the Health Services Workers Union, Ghana Medical Association, Civil and Local Government Staff Association of Ghana (CLOGSAG), Judicial Services Staff Association of Ghana and National Association of Graduate Teachers

(NAGRAT), among others, has given SSNIT until February 28, 2019 to act accordingly, without which they take a series of actions in protest.

A statement issued by the forum and jointly signed by Isaac Bampoe Addo, Executive Secretary,(CLOGSAG) and Eric Angel Carbonu, President of NAGRAT,  said pension contributors were currently being short changed due to the formulae being used by SSNIT.

According to the Forum, the agreed method of calculation between them, SSNIT, the National Pensions Regulatory Authority (NPRA), the Ministry of Finance and the Ministry of Employment and Labour Relations stated that the accrued interest, along with the “past credits for each affected contributor should be indicated on members’ contribution statement from SSNIT at the end of each quarter.”

It added that SSNIT’s failure to ensure the payment of the credits in accordance with the deal had resulted in complaints to the Forum about the “very low past credits paid to our retiring members as a result of the continued use of SSNIT’s own method of computation of past credits”

“We have been patient enough to await the implementation of the agreement since October 2017. However, SSNIT has refused to apply the agreed terms of calculating the past credits. It must be noted that by this agreement, the level of past credits is expected to change every quarter. SSNIT was expected to apply these terms and conditions in calculating and paying the past credits.

“The Forum is serving notice to SSNIT to comply with the agreed terms of payment of past credits by February 28, 2019. Thereafter, the Forum would advise itself on subsequent steps to take to get the realistic past credits paid to all its retirees,” it stated

By ADR Daily Newsdesk

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