By
Isaac Arkoh, GNA
Elmina (C/R), Sept. 5, GNA – The Social
Security and National Insurance Trust (SSNIT) has paid over GH¢ 1.7 billion to
more than 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 per cent of
its target leading to a sharp increase in the number of establishments’
contributions from 67,101 to 68,010.
Dr John Ofori-Tenkorang, the Director
General of SSNIT, said this in an address at the Trust’s annual operations
conference to deliberate on issues bordering on its operations.
The three-day conference, which commenced on
Thursday at Cape Coast, will provide the platform for the SSNIT Executive,
department heads, and area and branch managers to discuss topical issues.
They would review performance, proffer
solutions and come up with new operational policies to ensure organisational
growth.
With the increasing demands for benefits
payment, Dr Ofori-Tenkorang said the Trust must give prominence to collecting
all monies in arrears to sustain its operations.
This has become necessary due to increasing
wage bill, hence the need to adopt innovative strategies to increase
contributions while reducing operational cost and other administrative expenses
to sustain the Scheme.
Dr Ofori-Tenkorang said the Trust would no
longer be paying the 25 per cent optional lump sum to pensioners from January
2020 because the 10 years transition period for the National Pensions Act, Act
766, ends 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 optional lump sum payment will be done by tier-two fund managers.”
Mrs Laurette Korkor Otchere, the Deputy
Director, Operations and Benefits, encouraged members to stick to best industry
and global practices to ensure mutual benefits.
She said her division was gearing to embark
on massive registration exercise to rope in more workers.
“As leaders of the operations division,
we must embark on an aggressive expansion drive to improve social security
coverage beyond the estimated 10 per cent of the economically active
population,” she said.
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, Mrs Otchere
said, would 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.
GNA
