‘Pensioners’ monthly payment depends on SSNIT contributions’

The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr John Ofori-Tenkorang, has stated that the monthly payment to pensioners, largely depend on their contributions to the Trust, while in active service.

He said recently, discussions on pensions have been rife in the media, with the spotlight on SSNIT regarding the money retirees receive as pension.

 Dr Ofori-Tenkorang stressed that such discussions were silent on contributions of pensioners while in active work, which played a major role in determining their monthly payments.

Dr Ofori-Tenkorang, made the observation when he was delivering a keynote address at the launch of the 2020 SSNIT Mobile Service Week, on  the theme : “Securing your retirement – your role as a stakeholder”, at Takoradi, in the Western Region.

He indicated that operations of SSNIT were being regulated to ensure that duties were executed as prescribed by law, adding that the regulator ensured and insisted that SSNIT did the right thing.

Dr Ofori-Tenkorang reminded the public that all businesses must be registered within 30 days of the establishment and commencement of operations.

He also explained that the employer must deduct 5.5 per cent from workers’ salary each month and add 13 per cent, totalling 18.5 per cent, and remit the deducted sum to SSNIT by the 14th day of the issuing month.

Dr Ofori-Tenkorang said the Trust was collaborating with 17 banks for the payment of these moneys without visiting the SSNIT offices nationwide.

He advised workers to ensure that they received the right pensions when they retire, adding “the Trust has over the past three years intensified public education outreach programmes to explain what contributors, employers and the TRUST can do to the benefit of retirees”.

“You must be interested in knowing whether your contributions are paid and on the correct salaries by checking your statement of account regularly from branches or simply getting onto our website”, Dr Ofori-Tenkorang advised.

He said “the salary earned determines your retirement benefits, so the higher the salary, the higher the retirement benefit.”


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