The minister-nominee for Employment and Labour relations, Ignatius Baffuor-Awuah says he will investigate the cause of the delay in payment of tier two pension allowances. According to him, he will collaborate with the relevant agencies such as the National Pensions Regulatory Authority (NPRA) to conduct the investigations. Public sector workers have embarked on strikes over … Read more
Pension
I’ll Investigate 2nd Tier Pension Issues
The minister-nominee for Employment and Labour relations, Ignatius Baffuor-Awuah says he will investigate the cause of the delay in payment of tier two pension allowances. According to him, he will collaborate with the relevant agencies such as the National Pensions Regulatory Authority (NPRA) to conduct the investigations. Public sector workers have embarked on strikes over … Read more
Investigate Second Tier Pension Scheme
The Teachers and Educational Workers Union (TEWU) of the Trades Union Congress (TUC) has appealed to government to investigate the why workers five percent contribution towards the second tier pension scheme had not been released. According to TEWU since the scheme started in 2010 the previous government had delayed in releasing the fund, believing that … Read more
Prepare For Unrest If Our Needs Are Not Met
The Civil and Local Government Staff Association (CLOSSAG) has made it clear to the Employment Minister-designate it would not hesitate to fight him with labour unrest if he develops cold feet towards their needs. Isaac Bampoe-Addo, Executive Secretary of CLOSSAG, has therefore outlined some uphill tasks that Mr. Ignatius Baffuor Awuah, who has been nominated … Read more
SSINT Warns Against Non-Payment of Workers’ Contribution
The Corporate Affairs Manager of Social Security and National Insurance Trust (SSNIT), Eva Amegashie says employers who do not pay their workers are flouting the stipulations of the National Pensions Act. She says it is the right of every worker to have 13.5 % of their monthly salary paid to SSNIT. This is paid back … Read more
Thyssenkrupp Labor Chief Demands Better Deal Than Port Talbot
Workers at German steelmaker Thyssenkrupp will refuse to pick up the tab for concessions being offered to British unions by Tata Steel to further a merger, Thyssenkrupp’s labor chief told Reuters on Monday. Thyssenkrupp and Tata have been in talks for about a year to merge their European steel operations to cut costs and overcapacity, … Read more
SSNIT Defends 18% Increase In Pension Benefits
The Social Security National Insurance Trust (SSNIT) has justified its 18% increment of pension benefits. This is despite complaints of pensioners who had hoped for a higher percentage increase of their pensions. The increment is however 2% lower than the 20% increase announced in 2016. The Corporate Affairs Manager of SSNIT, Eva Amegashie who explained … Read more
Lack of Data Dragging Payments For Tier 2 Pension Claims
Some practitioners in the pensions industry have blamed the lack of accurate data for the increased controversies surrounding the management of tier two pension schemes among public sector workers. In their view, the absence of credible employee data hampers effective disbursements of the contributions currently with the Temporary Pension Fund Account at the Bank of … Read more
Lack of Data Dragging Payments For Tier 2 Pension Claims
Some practitioners in the pensions industry have blamed the lack of accurate data for the increased controversies surrounding the management of tier two pension schemes among public sector workers. In their view, the absence of credible employee data hampers effective disbursements of the contributions currently with the Temporary Pension Fund Account at the Bank of … Read more
SSNIT Shoots Down Imminent Collapse Claims
The Social Security and National Insurance Trust (SSNIT) has dismissed reports that the fund faces imminent collapse over concerns of operational challenges. According to the pensions’ scheme, it has instituted measures to deepen its financial sustainability and meet potential increase in benefit claims. “As a defined benefit scheme, it is based on a certain formula … Read more
IMANI Lists 5 Key Issues Akufo-Addo’s Gov’t Should Tackle
Policy think tank IMANI Ghana has listed some five key areas that it believes the new New Patriotic Party (NPP) government should tackle with urgency. IMANI Ghana in a statement copied citifmonline.com said the new government must immediately carry out a risk analysis of all government projects to ensure “political accountability.” The NPP presidential candidate, … Read more
IMANI Lists 5 Key Issues Akufo-Addo Gov’t Should Tackle
Policy think tank IMANI Ghana has listed some five key areas that it believes the new New Patriotic Party (NPP) government should tackle with urgency. IMANI Ghana in a statement copied citifmonline.com said the new government must immediately carry out a risk analysis of all government projects to ensure “political accountability.” The NPP presidential candidate, … Read more
Auditor General Validating Pension For Unions – Terkper
The Auditor General is validating the pension of some labour unions in the country to enable their fund managers receive the monies on their behalf. The Finance Minister Seth Terkper confirmed this in an interview on the Citi Breakfast show on Friday [November 25]. Some labour unions in the country including the Ghana National Association … Read more
Auditor General Validating Pension For Unions – Seth Tekper
The Auditor General is validating the pension of some labour unions in the country to enable their fund managers receive the monies on their behalf. The Finance Minister Seth Tekper confirmed this in an interview on the Citi Breakfast show on Friday [November 25]. Some labour unions in the country including the Ghana National Association … Read more
Gov’t Tight-Lipped Over Value of Tier-2 Funds
Government, on Monday November 21, 2016, transferred September Tier-2 pension monthly deductions to the custodian banks of Public Sector Occupational Pension Schemes. Consequently, the 12 labour unions have put on hold their threat to embark on nationwide industrial action. A statement issued yesterday by Isaac Bampoe Addo, Chairman of the Forum For Public Sector Registered … Read more
Government ‘hot’ Over GHC2bn Pension Funds
IT appears government has no money to pay six years accumulated tier-two pension money owed public sector workers. An emergency meeting summoned at Flagstaff House yesterday by President John Dramani Mahama to avert a strike action by 12 labour unions ended inconclusive. Sources familiar with what transpired at the meeting yesterday, told The Finder that … Read more
Labour Unions Threaten Strike Over Pension Deduction
Twelve labour unions have hinted they would embark on a nationwide strike starting Tuesday over the failure of government to pay their five percent Tier II pension deduction. National Association of Graduate Teachers (NAGRAT) President, Christian Adai Poku told Joy News they are dissatisfied with government’s handling of the issue, which informs their the decision. … Read more
Open Letter To SSNIT, NPRA and All Contributors Under Act 766 of 2008
Open letter to SSNIT, NPRA and all contributors under Act 766 of 2008 It has been six years since the implementation of the Three Tier Pension Scheme Act 766 of 2008. When is Social Security and National Insurance Trust (SSNIT) going to transfer the four per cent (lump sum portion or accrued contributions) of Act … Read more
Assets Under Private Pension Funds Hit GH¢6.4 Billion
Total assets under the management of private pension funds have reached GH¢6.4billion as at September this year, Baba Jamal, Deputy Minister of Employment and Labour Relations has disclosed. The assets under management by the private pension funds indicates a substantial potential of the pension market, which the fund managers want to capitalize on to boost … Read more
NPRAs Second Zonal Office Opened
The National Pensions Regulatory Authority (NPRA) has opened its second zonal office in Tamale after the first was established in Kumasi. A statement copied to the Ghana News Agency said the new office would to cater for the three northern regions, namely, the Northern, Upper East and Upper West Regions. The Board Chairman of the … Read more