The Civil and Local Government Staff Association of Ghana (CLOGSAG) has given the Social Security and National Insurance Trust (SSNIT) two weeks to come up with an acceptable payment of past credit to its current retirees else it will go on strike.
Speaking at a press briefing Wednesday, the Executive Secretary of CLOGSAG, Isaac Bampoe Addo revealed that its members have received low credits contrary to directives by the National Pensions Regulatory Authority.
Under Section 824 of the presidential commission on pensions final report it was envisaged that under the Tier-Two scheme “it will pay improved pension benefits especially the lump sum, which the commission estimates will on the average be 60% more than what CAP 30 presently pays and about 5 times what SSNIT would have paid”
Contrary to the rule, Mr Bampoe Addo said SSNIT has failed to transfer past credits in its custody to the respective approved trusts enjoined by law to manage the tier two funds.
He also alleged that existing evidence shows that past credits that appeared on beneficiary statements in October and November 2019 were higher than the ones paid retirees in 2020.
Adding that, retirees are being short-changed as SSNIT continues to flout the principles of transparency and accountability.