The calls for a reform of the scheme have drawn opposition from the Social Security and National Insurance Trust (SSNIT).
This follows the assertion made by the Trade Union Congress (TUC) that the scheme needed to be overhauled because it primarily benefited a selected group of privileged individuals.
The TUC’s assertion was supported by data from SSNIT, which showed that its highest-paid pensioner earned over GHS140,000 per month, and its lowest-paid pensioner made approximately GHS300.
According to the Director General of SSNIT, Dr. Ofori-Tenkorang, the assertion by TUC does not provide sufficient justification for the rearrangement of the scheme as payments were mostly on contributions made over time.
“I don’t think that disparity in itself is enough basis for reform. SSNIT is an insurance company, all it does is insure the incomes of workers. Just like people will take their cars of different models and go to an insurance company to buy insurance for the car so that it is replaced in case of say theft, all SSNIT does is insure people’s income.
“There are those who earn GH¢500, whereas others earn GH¢10,000, GH¢100,000, and above. All these people have the right to insure their income. When you walk to us, what you are looking for is a replacement for what you insure. If you earn GH¢500, you will give its equivalent, likewise someone who brings GH¢10,000. The disparity will always exist,” he said.
Speaking at a press conference on Wednesday, July 19, the TUC Secretary-General, Dr. Yaw Baah stated that SSNIT is not functioning as it is expected to.
“The essence of SSNIT is completely gone. What is social security for people who earn GH¢300? I can assure you that if it wasn’t pushed further to GH¢300, there would still be people who earn less than that.
Mr. Baah cited discrepancies in the pension plan and the low pension premium paid to pensioners in the public sector as some of the justifications for the call.
