Tag: pensions
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Pensions regulation to be automated
Mr Ignatius Baffour Awuah, Minister for Employment and Labour Relations, says the Government is working towards automating the regulation of pensions in the country. He said it was leveraging digital technology to introduce new software for the pensions regulator, the National Pensions Regulatory Authority (NPRA). The software, he said, would automate the regulatory processes of…
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Republic Bank and Petra Trust sign MoU to provide pension-backed mortgages to Ghanaians
Republic Bank (Ghana) PLC, one of the leading Universal Banks and a pioneer in the mortgage business in Ghana has signed a Memorandum of Understanding (MoU) with Petra Trust Limited Company, a corporate trustee, authorized by the National Pensions Regulatory Authority (NPRA) to manage pension schemes in Ghana. The MoU is a collaboration to provide…
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![Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]](https://citibusinessnews.com/wp-content/uploads/2023/01/ACCR-Mashud.jpg)
Pensions in payment projected to go up by at least 20% in 2023 – ACRR [ARTICLE]
January is the most important time of the year for pensioners and their dependents, primarily because it is when the Social Security Administration announces the new rates by which monthly pensions of existing retirees will be increased. The import of indexation is to restore the purchasing power lost by pensioners in the previous year. Pensions…
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Debt Exchange: Organized labour calls off strike after exemption of pension funds
Organized labour has called off its intended strike which was slated for December 27, 2022. This industrial action was to demand the exemption of pension funds of its workers in the ongoing debt exchange program. Despite assurances of protecting the funds of citizenry, various labour unions were concerned about the impact the debt exchange will…
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Enterprise Trustees celebrates 10 years of pensions administration in Ghana
Leading private corporate trustee, Enterprise Trustees, has assured of continued efforts to improve the quality of pensions in the country, by offering cutting-edge innovative solutions to all workers. According to them, this forms part of measures to drive the inclusion of the informal sector in voluntary pension contributions. Enterprise Trustees after 10 years in operation…
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No need to extend retirement age to 65 – Labour Analyst to SSNIT
Labour Analyst, Austin Gamey, has advised against the possible increment of the retirement age from 60 to 65 years. The Director-General of the Social Security and National Insurance Trust (SSNIT), Dr. John Ofori-Tenkorang, earlier this week, announced at a press briefing in Accra, that his outfit is seeking further discussions with government and labour unions…
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SSNIT assures pensioners of regular payment of pensions
The Social Security and National Insurance Trust (SSNIT) has assured stakeholders that the Trust presently has enough reserves to pay all accruing benefits due to members and their validly nominated dependents. Managers of the Scheme said concerns raised in the 2017 actuarial valuation report, referred to by the Africa Centre for Retirement Research (ACRR), were being…
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SSNIT increases 2021 pension by 10%
The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA), and in accordance with Section 80 of the National Pensions Act 2008 (Act 766), has indexed monthly pensions upwards by 10% for the year 2021. This increment shall be implemented as follows: All Pensioners on the SSNIT Pension…
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TUC demands immediate stakeholder meeting to discuss low lump sum pension payments
The Trades Union Congress (TUC) of Ghana has called on Government to immediately convene a stakeholder forum on pensions in the country. According to TUC, persons who retired from January 2020 and beyond are worse off as compared to the old pension system. This, the Union blames on what it says are incredibly low lump-sums…
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SSNIT pays GH¢ 1.7 billion to pensioners as at July 2019
The Social Security and National Insurance Trust (SSNIT) has paid over GH¢ 1.7 billion to more than 200,000 pensioners on the pension payroll as at July 2019. It has also reduced its average benefits processing time from 21 days in 2018 to 17 days and registered 106 percent of its target leading to a sharp…