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Tuesday, January 26, 2021
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    Ghana Association of Bankers appoints Mansa Nettey as new president

    GRA pegs 2021 revenue target at GHS 60 billion

    GRA exceeds 2020 revenue target by GHS2.6 billion

    ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo

    Provide small cocoa processors with sustained financial support – Banks urged [Video]

    Kawa Moka strives to transform Ghana’s coffee industry

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    PIAC elects Professor Kwame Adom-Frimpong as its new chairman

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    Ghana Association of Bankers appoints Mansa Nettey as new president

    AfCFTA: Construction Chamber advocates for reduction of lending rate

    GRA pegs 2021 revenue target at GHS 60 billion

    GRA exceeds 2020 revenue target by GHS2.6 billion

    Public Enterprises Minister must prioritize profitability of SOEs – Economist

    ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo

    Local manufacturers urged to pay attention to product labelling

    Provide small cocoa processors with sustained financial support – Banks urged [Video]

    Kawa Moka strives to transform Ghana’s coffee industry

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    Ghana Association of Bankers appoints Mansa Nettey as new president

    GRA pegs 2021 revenue target at GHS 60 billion

    GRA exceeds 2020 revenue target by GHS2.6 billion

    ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo

    Provide small cocoa processors with sustained financial support – Banks urged [Video]

    Kawa Moka strives to transform Ghana’s coffee industry

    AfCFTA: Address challenges of local businesses – GNCCI to government

    Sensitize employees, customers on COVID-19 safety protocols – AGI urges SMEs

    PIAC elects Professor Kwame Adom-Frimpong as its new chairman

  • TECHNOLOGY

    Huawei Watch Fit; The perfect smartwatch for everyone

    A close look at the Huawei FreeBuds 3; World’s 1st open-fit active noise-cancellation earphone

    Ashigbey urges government to revise telecoms industry laws to boost growth

    Blend tech with fashion with the new Huawei Watch Fit

    Kick back and enjoy immersive entertainment for the whole family with the MatePad T 10s

    Cost of political adverts on social media to rise by 200% in next election – Maximus

    Huawei announces global release schedule of EMUI 11 update

    Experience powerful all-round performance with the New Huawei Y8s

    Hyundai launches first ever electric car in Ghana

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    ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo

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    LNG-to-power project to reduce cost of electricity in Ghana – Energy Consultant

    World Bank plans to invest over US$5 billion in drylands in Africa

    Be proactive to benefit from AfCFTA – AfroChampions urges businesses in Ghana

    GUTA to commence cross-border trading with Nigeria

    Stakeholders charged to eliminate barriers likely to impede success of AfCFTA

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Austin Gamey calls for strategic investment of SSNIT funds for better yields

by Bobbie Osei
January 11, 2021
in General, Government, News, Top Stories
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A labour consultant, Austin Gamey has called for better investment of funds contributed to the Social Security and National Insurance Trust (SSNIT), in order to ensure better yields and better payouts to Ghanaian workers.

The comment follows an announcement by SSNIT that monthly pensions for 2021 have been adjusted upwards by 10 percent.

According to a press release by SSNIT, Pensioners on the SSNIT Pension Payroll as at 31st December 2020 will have their monthly pension increased by a Fixed Rate of 9.34% representing the annual average price inflation, plus a redistributed Flat Amount of GH¢6.47.

Accordingly, Pensioners receiving the minimum pension of GHS300.00 as at 31st December 2020 will have their monthly pensions increased to GH¢334.49, representing an effective increase of 11.5%.

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In an interaction with Citi Business News, Mr. Gamey said the current payouts are not sufficient to sustain many pensioners.

“We are talking about a nation that has a rebased economy. If you are talking about a rebased economy, the effects are quite huge and therefore SSNIT will have to up their game. And it’s up to the board people, who are populated also by the working people to ensure that they protect the interest of the contributors and not making it look as if SSNIT is part and parcel of government, it’s not. So we really need to be very careful as a nation.”

“And I’m speaking in the interest of us the contributors to SSNIT. SSNIT cannot conjure money from nowhere, and so the monies should not be misused, should not be misapplied, should not be placed in portfolios that are not high yielding. If they are giving you 10 % in a rebased economy, where are you, what can you buy and do with it ?. With GHC 334.49, you can’t pay your rent, you can’t do anything. Because this class of people cannot build their own houses, and that is the bottom line.”

Pensioners complain of 10% increment in monthly pensions

Some pensioners who spoke to Citi Business News following news that there had been an upward adjustment to monthly pensions by 10 % for 2021, described the increment as low.

93-year-old former head teacher, Eunice Rose Oyoe Prempeh believes the current cost of living requires more funds to ensure a comfortable life.

“Because of the living condition these days they have to raise it a bit. We have grandchildren we are taking care of. They are looking after us, and we are also looking after them by taking care of some expenses. Currently, I’m getting a little over GHC 800 every month after working for about almost 38 years.”

Another former teacher, Emmanuel Oko Baah meanwhile called for a 25 % – 30 % increase instead.

“Presently I earn GHC 1,200 a month which is not even sufficient for me, because I have grandchildren. Earning a minimum of GHC 300 will not suffice for some people because it’s nothing. Some of these pensioners have to pay rent like me and even pay 2 years advance when their rent is due all from the money they get, which is impossible.”

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