The Civil and Local Government Staff Association, Ghana (CLOGSAG) has appealed to President Akufo-Addo to direct Social Security and National Insurance Trust (SSNIT) to restructure its management and administrative system to assure workers of income security in retirement.
According to the Executive Secretary of CLOGSAG, Isaac Bampoe-Addo, SSNIT was to reduce its administrative cost, high staff numbers and poor returns on investments per a recommendation given by a Presidential Commission on Pensions established by former President John Agyekum Kufuor in August 2004, but the Trust did not heed the recommendation.
Mr Bampoe-Addo was speaking during a 2020 May Day celebration and thanksgiving service organised by CLOGSAG in Accra.
He noted that government, among others, accepted the Commission’s recommendations for a contributory three-tier pension structure, comprising two mandatory schemes and a voluntary scheme.
Another recommendation was for a mandatory basic state social security scheme to be managed by a restructured SSNIT, which will pay periodic monthly and other pension benefits.
According to him, these cost-saving measures that would have enabled SSNIT to effectively and efficiently manage its commitment under the Three-Tier Pension Scheme have still not been initiated.
