The bank account of the highest earner on the Social Security and National Insurance Trust (SSNIT) monthly pension payment was credited with over GH₵100,000.

However, over 50% of pensioners will only receive GH₵300. The huge discrepancy relates to the level of contribution made by individuals while in active income generation activity.

Director General of SSNIT, Dr. John Ofori Tenkorang, while speaking on Joy News' PM Express, said the income one makes ultimately determines the amount that computes into the 13.5% premium SSNIT is mandated to collect.

“Today, the person who’s going to be paid the highest pension was a self-employed businessman, he’s receiving over GH₵100,000 because he came to insure his Mercedes whilst you were coming with your bicycle.”

“If somebody is bringing GH₵500 in April and this person is close to retirement, let’s say this year and even if the person has been with us for 35 years, he’s entitled to 60%.”

“So 60% of GH₵500 is GH₵300, so if a person gets GH₵300 per month will you say SSNIT has cheated the person?, and for those that bring GH₵400 they will also get GH₵240, that’s 60%,” he explained.

Dr. Tenkorang said SSNIT is in the process of amending the law that will allow employers to not only pay pensions on only basic salary.

“The law that we operate under currently, unfortunately says that employers are obligated to pay pensions on basic salary, and so that gives room for people to make all kinds of gymnastics as to what is basic rather than your total remuneration. And I think that is something that has to change.

“And we at SSNIT are working on possible amendment to our act, what you’re going to get will depend on what you came to insure.”

“The Act will be tabled before our board, NPRA, tripartite and eventually it will make its way to Parliament and those things can be changed,” he said.

Meanwhile, it has emerged SSNIT pays on a monthly remuneration of about GH₵370 million to pensioners. The Director General said the Trust is reviewing some of its investment portfolios to stay afloat.

“You can mobilise a lot when you don’t have to pay out much, every month SSNIT pays out about GH₵370 million so when you carry that through the year, you have about GH₵5 billion you would have to pay.

“If SSNIT was not paying out any benefits for10 years, I would be sitting on maybe GH₵30 billion.”

“So the SSNIT scheme has matured where every month you have people retiring, every month you have to pay, so yes, you accumulate but you have to also pay it out,” he explained.