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The Trades Union Congress (TUC) has called on the government to include workers in the decision making process during the appointment of managers of their pensions.
The TUC believes investment decisions taken by managers of workers’ pensions will be generally accepted if workers have more say in how their funds are managed.
The call comes after some pensioners described SSNITs 10 per cent benefits increase as inadequate.
SSNIT, earlier this week, announced the review which it says raises the amount given the least-paid beneficiary to ¢332.48.
But some pensioners who spoke to JoyNews say the increase is not enough.
“People die out of frustration so we want more, like a 25% increment. They may think that that’s the best they can do but frankly speaking it’s not good at all, it won’t help us.”
“We have children at the primary and high schools, and some at the universities. When the pensions come, you must manager all these in addition to your home maintenance. If the government is trying to do something, 10 per cent would not be enough for us; they can do it 30% or 40%,” they said.
Deputy General Secretary of the TUC, Francis Sallah says including workers in the decision making process will ensure their funds do not go to waste.
“This is our future, people are living in poverty after serving this country; workers must be begin to ensure that where our goes is supposed to take care of our pension.
“We should have a say in who is appointed, what they do as a Board and the type of investment they go into…we must hold them accountable. That’s the only inclusion we would have as workers to secure our future,” he indicated.
SSNIT reviews pensioners’ benefits upwards
The Social Security and National Insurance Trust (SSNIT), in consultation with the National Pensions Regulatory Authority (NPRA) has increased pensioners monthly payment by 10%, effective January 20, 2022.
This means that all pensioners on the SSNIT Pension Payroll as of December 31, 2021 will enjoy the increment.
According to a press release issued by SSNIT, all pensioners “will have their monthly pension increased by a fixed rate of 9.68% plus a redistributed flat amount of ¢3.44.”
The highest earning pensioner as of 31st December, 2021 will receive a payment of ¢142,564.97 every month.
Pensioners receiving a minimum pension of ¢300 as of 31st December, 2021 will have their monthly pensions increased to ¢332.48.
However, the minimum pension for all new pensioners, effective January 2022 will be ¢300.
Section 80 of the National Pensions Act 2008 (Act 766) states that “the Trust shall annually review the pension payment which shall be indexed to wage inflation rates of active contributors or another rate determined by the Trust in consultation with the Board of the Authority.”
Source: myJoy
