The 'Director-General also reiterated that SSNIT will stop paying the 25% Lump Sum to new pensioners from January 2020.
He said, “As you may know, PNDC Law 247 sunsets in December. The last group of such workers will turn 60 by December 31, 2019. This implies that all workers who turn 60 from next year will have their benefits processed under the three tier pension scheme (Act 766).” He therefore advised employers to help their workers access their Lump Sum from their Second Tier Fund Managers.
According to data by SSNIT, debts owed it within the private sector stood at GH¢64.67 million as at June 2019. 4,310 cases were also pending in court against employers for various infractions.
The Trust’s total Asset under Management (AUM) was GH¢9.46 billion as at 2018 and 96.5% of this was performing well. These investments, according to Dr Qfori-Tenkorang, have boosted job creation, stimulated economic growth, contributed, immensely to the development of Ghana’s capital markets, helped some banks meet the minimum capital requirement by the Bank of Ghana and reduced the housing deficit in the country.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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