Ghana to roll out unified pension scheme by 2014

Dr. Yaw Baah, a member of the Board of the National Pensions Regulatory Authority (NPRA), on Wednesday said a unified pension’s scheme for the country would be in place by 2014.

He said this at a sensitization forum on the new three tier pension scheme for the formal sector at Takoradi.

Dr. Baah, who is the Deputy General Secretary of the Trades Union Congress (TUC), said the unified pension scheme would enhance pension benefits devoid of inequalities in the existing parallel public sector schemes.

He said it will also ensure sustainable retirement income security for all Ghanaian workers.

Dr, Baah said the Board of the NPRA is considering adequate payments for those who contributed to the Social Security and the National Insurance Trust (SSNIT) pension scheme for 20 years or more before the new pension scheme came into being.

He said in the new pension scheme, one has to contribute for at least 15 years and that the law requires the NPRA and the SSNIT to settle such “Back debts” with interest to the contributors.

Dr. Baah said the SSNIT has put forward proposals on the issue which is being looked into.

Mr. Jerry Ghartey, acting Takoradi Area Manager of SSNIT, said the trust would prosecute all employers who have defaulted in paying social security contributions of their employees by the end of this month.

He said penalties would be awarded against the defaulters for delay payments.

Mr. Ghartey said employers are required to submit records of their SSNIT deductions to the trust every month and that those who fail to comply with this requirement would be sanctioned.

He said it is the duty of the trust to ensure that employers pay the deductions of workers to the trust but contributors have to ensure that their records with the trust are up to date.

Source: GNA