{"id":649230,"date":"2019-07-03T12:45:00","date_gmt":"2019-07-03T12:45:00","guid":{"rendered":"
\n\t\t\n

Dr John Ofori Tenkorang (extreme right) and other panelists at the dialogue\u2018<\/strong><\/p>\n\n\n\n

DR JOHN\nOfori Tenkorang, Director General of the Social Security & National\nInsurance Trust (SSNIT), has expressed worry about the "},"modified":"2019-07-03T12:45:00","modified_gmt":"2019-07-03T12:45:00","slug":"pay-better-salaries-for-better-pensions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/07\/03\/pay-better-salaries-for-better-pensions\/","title":{"rendered":"\u2018Pay Better Salaries For Better Pensions\u2019"},"content":{"rendered":"

<\/p>\n

\n

Dr John Ofori Tenkorang (extreme right) and other panelists at the dialogue\u2018<\/strong><\/p>\n

DR JOHN
\nOfori Tenkorang, Director General of the Social Security & National
\nInsurance Trust (SSNIT), has expressed worry about the low salaries received by
\nmost Ghanaian workers who contribute to the scheme since that is what
\ndetermines the amount they will receive in pensions.<\/p>\n

Speaking at
\na pensions dialogue organised yesterday in Accra by the Institute for Fiscal
\nStudies (IFS), an economic think tank, the SSNIT boss said approximately 25 per
\ncent of workers were currently contributing to the scheme on a salary of GH\u00a2400
\nor less, which meant also that approximately 25 per cent of pensioners earned a
\nmonthly pension of GH\u00a2400 or less. <\/p>\n

He also said
\napproximately 50 per cent were contributing on a salary of GH\u00a21,000 or less
\nwhich meant approximately 50 per cent of pensioners earned a monthly pension of
\nGH\u00a2600 or less. <\/p>\n

Again, he
\nsaid approximately 71 per cent were contributing on a salary of GH\u00a21,800 or
\nless adding that \u201capproximately 78 per cent of pensioners earn a monthly pension
\nof GH\u00a21,000 or less. Approximately 4 per cent are contributing on a salary of
\nGH\u00a25,000 or more. Approximately 1 per cent of pensioners earn a monthly pension
\nof GH\u00a25,000 or more.\u201d<\/p>\n

He, however,
\nsaid the Trust subsidized pensions for pensioners whose salaries were woefully
\nlow when they were in active service and that that made the lowest paid
\npensioner earn more than the lowest paid worker in active service.<\/p>\n

Daniel Aidoo
\nMensah \u2013 Research Fellow, IFS, speaking on the topic: \u201cPension Reform in Ghana:
\nRationale for the New Three-Tier Pension system, Implementation Challenges and
\nthe Way Forward\u201d, mentioned some challenges confronting Ghana\u2019s pensions
\nsector. Some of these included what he termed initial false start \u2013 the
\nperceived lack of political will to facilitate the implementation of the new
\npension scheme; inadequate funding support and lack of needed seed fund for the
\nNPRA for full implementation of the Pensions Act; the instability in the
\nleadership of the NPRA \u2013 6 CEO\u2019s within 8 years with an average tenure of 16
\nmonths; and adverse press reports on the work of the NPRA, which has led to
\nloss of public confidence and created credibility problems.<\/p>\n

He also
\nmentioned the initial uncertainty about the commencement of the full
\nimplementation, wrongful interpretation of some provisions in the pensions law,
\nregistration of pension fund custodians contrary to section 158 of Act 766,
\nlack of resources for massive education of the millions in the informal sector,
\nlack of appropriate regulations and guidelines for the operation of informal
\nsector schemes, absence of effective contribution collection systems adaptable
\nto these informal wage earners, and delays in transferring funds from the TPFA
\ninto individual accounts took about seven years (2010 -2017) contrary to
\nsection 218(4) of the Pensions Act.<\/p>\n

Among other
\nthings, he recommended that pension issues must be placed on the front burner
\nof the national agenda and be given the needed financial and material support
\nand must also be devoid of any political interference. <\/p>\n

He also touched on phasing out the Cap 30 scheme quickly to eliminate the inequities that presently existed as recommended by the Pensions Commission and stipulated in the new pensions law (Pensions Act 766).<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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