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Low pension contributions cause of low benefits – SSNIT boss

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The Social Security and National Insurance Trust (SSNIT) has attributed the low benefits some pensioners in the country receive while on retirement to the failure of some employers or even employees to contribute enough while in active service.

According to its Managing Director, Dr. John Ofori Tenkorang the current situation is not a deliberate attempt by the Trust to deprive pensioners what is due them.

There have been concerns that most pensioners are unable to live decent lives because the pension benefits provided them by the state institution are woefully inadequate.

Speaking on a private Station on Wednesday, Dr. Tenkorang bemoaned the development noting that the surest way to address these challenges is for contributors to be true to themselves and make the right payments to avert these circumstances.

The CEO also rubbished what he described as erroneous claims that private investments are more advantageous than paying SSNIT contributions.

Meanwhile, President Nana Akufo-Addo has tasked the Minister for Employment and Labour Relations to resolve all pension-related issues within the next three months.

The Ministry is to work with SSNIT and the National Pensions Regulatory Authority (NPRA).

Addressing the 2019 May Day Celebration on Wednesday at the Black Star Square, President Akufo-Addo noted the critical contribution of labour to economic growth.

“We will build a robust economy and a prosperous society when we put in place a sustainable pension scheme for all workers. For far too many of our people, the end of their lives is marked by poverty. Too many people either have no pensions at all or have inadequate pensions to match the needs of old age,” the President said.

In the informal sectors of the economy, President Akufo-Addo lamented that “most people work without any thought to pension coverage, and when they no longer have the strength to work, their lives become miserable.”

With about 90% of workers operating in the informal sector, the President indicated that attention must be focused on extending access to that sector in compliance with the National Pension law.

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