More than 60 private institutions have defaulted in the payment of workers’ pension contributions to SSNIT over a nine month period culminating in a debt of more than GHC655,000.

The institutions, comprising mostly schools in the country’s regional capitals, have thus been served demand-notice by the country’s foremost pension institution.

Information provided by SSNIT shows that other defaulting firms are also in the mining, engineering, microfinance sectors as well as rural banks.

According to SSNIT, whereas some institutions owe a meagre sum of GHC3, 000 others owe in excess of Ghc 58,000; with some spanning a period of August 2014 to April 2015.

SSNIT has dragged some defaulters to court in the past, and it is likely they will do same this time round should the employers fail to honour their obligations.

Instances in Cape Coast, Tamale, Techiman are some of the reference points, officials of the Trust disclosed.

SSNIT has suspended the ongoing biometric registration, and at the beginning of the year increased its monthly pensions by 15 percent in accordance with the National Pensions Act 2008.

SSNIT has also been tasked with the administration of Ghana’s Basic National Social Security Pension Scheme, and to cater for the first tier of the contributory three-tier scheme. The Trust is currently the largest non-bank financial institution in the country.

The primary responsibility is to replace part of lost income for Ghanaian workers or their dependents due to old-age, invalidity, or loss of life.

The Pension Scheme as administered by SSNIT has a registered membership of approximately 1.2 million, with over 140,000 pensioners who regularly receive their monthly pensions from SSNIT. The annual absolute growth of pensioners is over 7,000.

By their feature, a worker contributes 5.5% of monthly basic salary whilst the employer contributes 13% of worker’s monthly basic salary.

Further information from SSNIT also indicates that 2.5% is transferred to the National Health Insurance Fund for provision of medical insurance, and 5% is transferred to Tier-2.

SSNIT effectively withholds 11% for the administration of Tier-1.

Source: B&FT

Post a Comment Blogger

Comment Form Message RULES:
Just CLICK on "FACEBOOK" to use it as alternative.
1. Caps allowed in moderation;
3. No Bullying,
4. No Swearing;
5. No Spoiling;
6. No harassing other users;
7. No flooding or spamming;
8. No posting of private contact information;
9. No impersonating other members;
10. Racism of any type NOT allowed.
Use "Contact Form" to send your Article or News.

Note: only a member of this blog may post a comment.