{"id":23025,"date":"2022-07-14T15:51:48","date_gmt":"2022-07-14T15:51:48","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit"},"modified":"2022-07-14T16:06:47","modified_gmt":"2022-07-14T16:06:47","slug":"pension-depends-on-your-salary-not-how-long-you-worked-ssnit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit","title":{"rendered":"Pension depends on your salary, not how long you worked\u2014SSNIT"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhanced earnings or salaries remained the main determinant of pensions computations in the country.<\/p>\n

He said contrary to negative perceptions often arising out of expectations on contributions, SSNIT ran a defined benefits scheme on a guaranteed contract and that pension sums were affected largely by salaries of contributors and not the duration of contributions.<\/p>\n

Dr Ofori-Tenkorang, who was represented by Mr Joseph Poku, the Scheme\u2019s Chief Actuary was addressing a stakeholder consultation forum in Ho, which was in collaboration with the Trades Union Congress (TUC), and said it was important to consolidate salaries and allowances to affect remittances.<\/p>\n

He noted that the Scheme \u201cgenerously\u201d applied a \u201cformula stated by law,\u201d and that low salaries played a significant part on contributions and payouts.<\/p>\n

\u201cPensions depend on the salary, not how long you have worked. Salaries translate into the pensions that are paid, and there is something wrong with earnings in the country,\u201d he stated.<\/p>\n

The Director General said 99 per cent of workers did not earn beyond GHC 35,000 annually, yet the SSNIT maintained a favourable reward scheme that placed payouts on a GHC 300 threshold; almost doubling the pensions of workers of the lowest pay bracket.<\/p>\n

\u201cThe scheme is very generous, and gives superior value to members\u2019 contributions\u201d, he said, adding that pension rights had been upheld to protect contributions.<\/p>\n

\u201cWhen you are put on pension, we pay you for life.\u201d<\/p>\n

Dr. Ofori-Tenkorang said the Scheme paid 3.18 billion GHC in pensions in 2021 and had maintained an indexation mechanism even as longevity of pensioners increased.<\/p>\n

\u201cSSNIT never defaulted on payments. SSNIT scheme is there to take care of you when you can no longer work\u201d, he stated, noting how the Scheme\u2019s survivors\u2019 lump sum policy ensured \u201cgenerous allocations to surviving members of contributor\u2019s family.\u201d<\/p>\n

He said it also had a reputable record of invalidity pensions for contributors who are declared unfit to work, as well as emigration benefits for workers leaving the country permanently.<\/p>\n

\u201cThe scheme is very good. What you put in is what you get\u201d, he stated, and appealed to all workers to take \u201cfull advantage\u201d of the scheme and insure all earnings.<\/p>\n

The Director General said the Trust was sustaining payments through investments and attracting more contributors. The Scheme currently has more than 1.7 million active contributors.<\/p>\n

The Director General said only one per cent of contributors were self-employed, while 11 million of the population remained potential contributors, and that \u201cSSNIT needs to do more to get them in\u201d.<\/p>\n

He assured that SSNIT had rebalanced its investment portfolios to ensure more prudent management of investments, 99 per cent of which were domestic, and which were \u201cperforming well\u201d.<\/p>\n

Dr, Ofori-Tenkorang said SSNIT was rolling out a comprehension programme to get more self-employed on to the scheme and would soon launch an initiative to that effect. He said the Trust would sustain public engagement, restructure its service delivery model, and introduce a mobile phone app and payment platform.<\/p>\n

He said the TUC\u2019s collaboration on the nationwide stakeholder consultations would help ensure a better understanding of SSNIT\u2019s operations and promote the scheme among workers.<\/p>\n

Mr. Joshua Ansah, Deputy General Secretary of the TUC, said stakeholders need to consider the low enumeration of workers and find ways to address them.<\/p>\n

He also advised unions to consider educating members on pension and other welfare issues, and ensure executives were accountable and worked to maintain prudent and worthy investments on their labor. The engagement was attended by local heads of the various workers unions, and who participated in an open forum.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhanced earnings or salaries remained the main determinant of pensions computations in the country. He said contrary to negative perceptions often arising out of expectations on contributions, SSNIT ran a defined benefits scheme on a guaranteed […]<\/p>\n","protected":false},"author":84,"featured_media":23024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8],"tags":[5092,5096,429,9595,9594],"class_list":["post-23025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-ghana","tag-pension","tag-worked-ssnit"],"yoast_head":"\nPension depends on your salary, not how long you worked\u2014SSNIT - Ghana<\/title>\n<meta name=\"description\" content=\"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension depends on your salary, not how long you worked\u2014SSNIT\" \/>\n<meta property=\"og:description\" content=\"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-14T15:51:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T16:06:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"656\" \/>\n\t<meta property=\"og:image:height\" content=\"254\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Pension depends on your salary, not how long you worked\u2014SSNIT\",\"datePublished\":\"2022-07-14T15:51:48+00:00\",\"dateModified\":\"2022-07-14T16:06:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\"},\"wordCount\":625,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\",\"Pension\",\"worked\u2014SSNIT\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\",\"name\":\"Pension depends on your salary, not how long you worked\u2014SSNIT - Ghana\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg\",\"datePublished\":\"2022-07-14T15:51:48+00:00\",\"dateModified\":\"2022-07-14T16:06:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg\",\"width\":656,\"height\":254,\"caption\":\"Pension depends on your salary, not how long you worked\u2014SSNIT\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/ghana\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pension depends on your salary, not how long you worked\u2014SSNIT\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#website\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/\",\"name\":\"Ghana\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pension depends on your salary, not how long you worked\u2014SSNIT - Ghana","description":"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit","og_locale":"en_US","og_type":"article","og_title":"Pension depends on your salary, not how long you worked\u2014SSNIT","og_description":"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...","og_url":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit","og_site_name":"Ghana","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2022-07-14T15:51:48+00:00","article_modified_time":"2022-07-14T16:06:47+00:00","og_image":[{"width":656,"height":254,"url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Pension depends on your salary, not how long you worked\u2014SSNIT","datePublished":"2022-07-14T15:51:48+00:00","dateModified":"2022-07-14T16:06:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit"},"wordCount":625,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg","keywords":["Africa Press","Africa Press-Ghana","ghana","Pension","worked\u2014SSNIT"],"articleSection":["all news","files","homepage-english"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit","url":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit","name":"Pension depends on your salary, not how long you worked\u2014SSNIT - Ghana","isPartOf":{"@id":"https:\/\/www.africa-press.net\/ghana\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg","datePublished":"2022-07-14T15:51:48+00:00","dateModified":"2022-07-14T16:06:47+00:00","author":{"@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Dr. John Ofori-Tenkorang, the Director General of the Social Security and National Insurance Trust (SSNIT), says enhance ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#primaryimage","url":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg","contentUrl":"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/07\/postQueueImg_12-62d03ef9d7c35.jpg","width":656,"height":254,"caption":"Pension depends on your salary, not how long you worked\u2014SSNIT"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/ghana\/all-news\/pension-depends-on-your-salary-not-how-long-you-worked-ssnit#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/ghana\/"},{"@type":"ListItem","position":2,"name":"Pension depends on your salary, not how long you worked\u2014SSNIT"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/ghana\/#website","url":"https:\/\/www.africa-press.net\/ghana\/","name":"Ghana","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/ghana\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/23025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/comments?post=23025"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/posts\/23025\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media\/23024"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/media?parent=23025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/categories?post=23025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/ghana\/wp-json\/wp\/v2\/tags?post=23025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}