The Social Security and National Insurance Trust (SSNIT) has never defaulted in the payment of the social security of retiring workers, Professor Stephen Adei, former Rector, Ghana Institute of Management and Public Administration (GIMPA) has said.
He said since its establishment in 1965, the Trust had over the years consistently exhibited tremendous improvement and efficient performance in its operations; which were in line with international practices.
Prof Adei gave the commendation on Thursday at a public symposium in Accra, to mark the 50th Anniversary of the Trust.
He said all actuarial assessments of SSNIT had revealed that there were no problems with anyone one’s pension up to 2013.
He said due to the excellent performance, it had become a model scheme for many African countries to learn from.
Speaking on the topic: “Social Security: The Way Forward,” the former Rector of GIMPA said the inefficiency in the Trust was due largely to undue political interference from governments, declaring that governments must allow SSNIT to execute its activities as a Trust.
He cautioned that the future of workers of the nation should not be left solely in the hands of the National Pensions Regulatory Authority, and that workers themselves had a part to play.
He recalled that during his tenure of office as the Rector of GIMPA many years ago, he was able to institute the single spine policy for the staff, which brought sanity into the University’s pay policy.
Mr Ernest Thompson, the Director-General of SSNIT, announced that for the first time in the history of the Trust, government had paid its employees contributions with only two outstanding months yet to be cleared.
He denied allegations that government had mismanaged any fund belonging to the Trust, explaining that decisions governing the Trust’s investments were taken by its Board of Directors and the Board of Trustees.
Mrs Mona Quartey, Deputy Minister of Finance, who chaired the function, lauded the Trust for upholding best practices in its operations.
Other speakers at the function were Mr J. E. Allotey-Pappoe, former General Manager, Administration, SSNIT and Mrs Gifty Anterkyi, former General Manger, Operations, SSNIT.
On February 17, 1965, Parliament passed a Bill, known as the Social Security Act, 1965, Act 279 to establish a Social Security Fund to provide for contributors benefits under Superannuation, Invalidity and Survivors.
The Social Security Fund of 1965 was a Provident Fund Scheme under which lump sums were paid to qualified members.
Prior to 1972, the Social Security was administered jointly by the then Department of Pensions and the State Insurance Corporation.
In November 1972, the National Redemption Council Degree (NRCD) 127 established a corporate body – the SSNIT, as an autonomous body to administer the Social Security Scheme.
The rapid expansion of the Social Security Fund to bring benefits to meet the social needs of workers served as an impetus that led to the transformation of the NRCD 127 into the PNDC Law 247 of 1991; which made a significant landmark in the history of Social Security Scheme in Ghana.
Source: GNA
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