Thursday, August 18, 2022
  • Home
  • About
    • Editorial Guidelines – Accuracy
    • Trust and transparency
  • Advertise
  • Login
  • Register
Ghana News - GhStandard
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
The Ghanaian Standard
No Result
View All Result
ADVERTISEMENT
Home Economy

SSNIT saves over Gh¢327 million by deactivating payroll

The Ghanaian Standard by The Ghanaian Standard
July 15, 2022
in Economy
Reading Time: 3 mins read
A A
SSNIT saves over Gh¢327 million by deactivating payroll
ShareTweetSend

The Social Security and National Insurance Trust (SSNIT) says it has saved more than Gh¢327 million by removing the names of pensioners who were 75 years and above and failed to renew their pension certificates from the payroll.

Mr Joseph Poku, the Chief Actuary of SSNIT, who announced this, explained that survivors of deceased pensioners took advantage of that to withdraw pension pay even when the SSNIT beneficiaries had died.

ADVERTISEMENT

SSNIT is a statutory public institution under the National Pensions Act, 2008 (Act 766 as amended by Act 883) to administrate Ghana’s Basic National Social Security Scheme.

Mr Poku was addressing participants at the Eastern Regional engagement meeting between SSNIT and the Trade Union Congress (TUC) in Koforidua.

The engagement was on the theme: “Understanding the value proposition of SSNIT: the role of Organized Labour as partners in promoting the scheme among workers in Ghana.”

ADVERTISEMENT

Representatives from various municipalities and districts consisting of the Communication Workers Union (CWU), Public Service Workers Union (PSWU), Tertiary Education Workers Union (TEWU), Environmental Protection Agency (EPA) and others were engaged at the meeting.

Participants were led through the calculation of their annual pension interest and enlightened on the various benefits available to them as active contributors to SSNIT.

Mr Poku disclosed that SSNIT has attained about Gh¢10.54 billion in Assets Under Management (AUM) in the sectors of real estate, finance, services, government, manufacturing, ICT and others.

ADVERTISEMENT

However, he observed that since every business investment had a few setbacks, SSNIT recorded 1.8 per cent non-performing AUM, adding, “management was doing its best to rebalance investment portfolios” to bridge the gap.

Currently, Mr Poku noted that 228,366 workers who were registered with SSNIT had applied for pension pay and 1.7 million workers were active SSNIT contributors.

He revealed that management intended to launch an SSNIT application, mobile money payment platforms and an interactive website to enhance the smooth running of the scheme without visiting the office.

Advertisement. Scroll to continue reading.

Mr Joshua Ansah, the Deputy Secretary-General for the TUC, applauded SSNIT for adopting the public education module to inform members of SSNIT about its operations.

He said education on SSNIT contributions and pension plans would help eradicate the idea that SSNIT paid a meagre amount of the worker’s 35 years of contribution to them when they retired from work.

Mr Albert Tawiah, a member of the National Pensioners Association, Koforidua District, said some pensioners have had smooth and stress-free transactions with SSNIT, though their monthly earnings in the past as active contributors were little.

Advertisement. Scroll to continue reading.

He advised the active contributors of SSNIT not to put all their eggs in one basket but find other income-generating businesses to do because in their old age they would not be strong enough to work hard.

Ms Salomey Oduro, a worker at the National Commission for Civic Education (NCCE), and a member of the PSWU said the wrong perception of SSNIT collecting contributors’ money for their benefit had been cleared.

“I now understand that many things such as issues with the wrong date of birth, no registration for pension benefits account for delays in receiving SSNIT pension pays,” she said.

Advertisement. Scroll to continue reading.

Ms Oduro advised workers to avoid conniving with their employers to reduce their SSNIT contribution because the higher the contribution, the higher the pension benefit.

Currently, SSNIT is the largest non-bank financial institution in Ghana mandated to cater for the first tier of the three-tier pension scheme.

SimilarNews

Dr Anthony Yaw Baah - General Secretary of the Trades Union Congress

Tariff increment not acceptable at this time – TUC

August 16, 2022
Vice President - Dr Mahamudu Bawumia

If SSNIT alone can save $126m from the GhanaCard, then Dr Bawumia was right

August 12, 2022
The Chronicle - August 12

Newspaper Frontpages – Friday, August 12, 2022

August 15, 2022
Economic Activities

Mixed performance of economic activities in first 5 months of 2022 – BoG

August 12, 2022
Social SSNIT Forum

SSNIT pays GH¢376 million life insurance in 2021 – Director General

August 11, 2022
Mr Patrick Tetteh Binyemi

Extend the compulsory retirement age to 65 years – Council of Labour

July 27, 2022
Source: Naa Shormei Odonkor
Via: Ghana News Agency
Tags: Mr Joseph PokuNational Commission for Civic EducationSocial Security and National Insurance TrustSSNITTUC

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Similar Topic

Clement Osei Amoako

Country’s economic outlook worrying – GNCCI calls on government to support industry

August 17, 2022
Vice President Dr. Mahamudu Bawumia

533 ‘ghosts names’ detected by Controller and Accountant-General’s Department – Dr Bawumia reveals

August 17, 2022
Residents of the Commonwealth Hall at the University of Ghana

UG’s Commonwealth Hall residents protest suspension of Hall Master, Senior Tutor over clashes with Mensah Sarbah Hall

August 17, 2022
Mr. Appiah Kusi Adomako - West Africa Director

Private sector enterprises advised to build capacity for AfCFTA

August 17, 2022
Dr John Kwabena Kwakye -Director of Research at the Institute of Economic Affairs

IMF negotiations: Government must be prepared for tough measures – Dr Kwakye

August 17, 2022
Dr Anthony Yaw Baah - General Secretary of the Trades Union Congress

Tariff increment not acceptable at this time – TUC

August 16, 2022
Please login to join discussion
https://youtu.be/2QL-nhbkqts
ADVERTISEMENT

Latest News

It’s never my intention to hurt anybody, it was content – Viral Tiktok student nurse

Aker Energy to postpone Ghana oilfield development over involvement of Russian firm

Country’s economic outlook worrying – GNCCI calls on government to support industry

Today’s Newspaper Frontpages – Wednesday, August 17, 2022

Fire outbreak in Egyptian church cause stampede killing at least 41, most of them children

Bawku: Three men shot dead in highway robbery

‘We can’t restore power to Kroboland until stolen parts of our transformers are fixed’ – ECG

Liberia Government suspends three officials accused by U.S. of corruption

Ghanaian taxi driver beaten to death in New York; Ghana Mission urges others to take charge of personal security

533 ‘ghosts names’ detected by Controller and Accountant-General’s Department – Dr Bawumia reveals

Prev Next
ADVERTISEMENT

Trending News

Ghana’s Commonwealth Games delegation presents medals to Minister

Three Opoku Ware SHS students arrested for alleged robbery

“I haven’t retired yet” – Asamoah Gyan sets sight on 2022 World Cup

Bawku: Three men shot dead in highway robbery

IMF negotiations: Government must be prepared for tough measures – Dr Kwakye

I don’t ‘beef’ for relevance – Lyrical Joe

Today’s Newspaper Frontpages – Wednesday, August 17, 2022

UG’s Commonwealth Hall residents protest suspension of Hall Master, Senior Tutor over clashes with Mensah Sarbah Hall

Afrochella co-founder steps down following sexual harassment allegations

Liberia Government suspends three officials accused by U.S. of corruption

Prev Next
ADVERTISEMENT

Editor's Pick

Top 10 Twitter Influencers in Ghana

DStv Nigeria Packages, Channels, Prices

Ghana Braids: 25 Lovely Ghana Weaving Hairstyles

Top 10 Business Opportunities in Ghana

Best Banks in Ghana: 2021 Performance Ranking of Ghana’s Banking Sector

LIVE: GPL Table 2022 – Ghana Premier League table 2022

Wa Polytechnic Courses: List of Dr Hilla Liman University Courses & Fees

Prev Next
Best Web Design Company in Ghana Best Web Design Company in Ghana Best Web Design Company in Ghana
ADVERTISEMENT
ADVERTISEMENT
The Ghanaian Standard

The Ghanaian Standard is a privately own news website based in Accra, Ghana. We bring you accurate Breaking News, Trends & Top Stories in Business, Politics, Lifestyle, Technology, and more from Ghana, Nigeria, Africa, and across the globe.

GhStandard.com - News made for discerning minds ...

Google News - The Ghanaian Standard, Ghana News
  • About
  • Contact
  • Advertise

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

No Result
View All Result
  • Home
    • General
    • Education
    • Health
    • Social
    • Religion
    • Tech
  • Breaking News
    • Latest
    • Trending
  • Politics
    • Opinions
    • Speech
  • Sports
  • Crime
    • Legal
  • Business
    • Economy
    • Finance
    • Finance & Investment
  • Sports
  • International
    • DR Congo
    • Guyana
    • Kenya
    • Nigeria
    • South Africa
    • Qatar
  • Entertainment
    • Movies
    • Music
  • Lifestyle
    • Fashion
    • Food Related
    • Travel
  • Feature
    • Press Release
    • Profiles
    • Obituary
  • Editorial
    • Ethics and Guidelines
    • Trust and Transparency
HTML tutorial

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In