Business News of Sunday, 8 December 2019
The Social Security and National Insurance Trust (SSNIT) has cautioned all pensioners who have not undergone the SSNIT biometric registration to do so before the 1st of February 2020, or risk being deleted from the scheme.
Management of SSNIT has since 2014 requested that all members of the scheme including pensioners enrol on the system the biometrically, however, there still are a number of pensioners yet to oblige the directive.
The institution, in a statement, has therefore warned that those who fail to enrol unto the biometric platform by January 31, 2020, will not receive payments until they undergo the process.
GH?62m saved in pension payroll cleanup
SSNIT had earlier disclosed that an amount of GH?62.9 million was saved as of November 2019 after it embarked on a deactivation exercise and re-enrollment of pensioners who are 72 years old and above.
A total of 6,268 ‘ghost names’ have also been taken off the pension payroll after the exercise.
They, therefore, urged pensioners who are yet to be enrolled on its system biometrically to visit SSNIT offices before the end of January 2020 to ensure their names will not be removed from the pension payroll.
Ceasing lump sum pension payments
SSNIT announced in July that all pensioners on the new pension scheme will access their lump-sum payments from the managers of pension schemes other than the company from 2020.
By this, the state pension’s manager, SSNIT will only be mandated to pay monthly benefits to pensioners.
Employment and Labour Relations Minister, Ignatius Baffour Awuah who gave the announcement indicated that the move is in fulfilment of the 10-year payment date spelt out in the laws establishing the three-tier pension scheme.