An Old age lump sum beneficiary under the Social Security and National Insurance Trust (SSNIT) received a total of GH¢70,593, as pension constituting the highest earner, as of May, this year.
An invalidity pension of GH¢6,576 was paid to a beneficiary by SSNIT and a one-time payment of a Survivor lump sum of GH¢1.02 million was settled.
Mr Robert Owusu Sekyere, General Manager of Benefits disclosed these to the Ghana News Agency after the SSNIT/Trades Union Educational Forum in Ho.
He said 205,094 constitutes the number of pensioners on the payroll as of April, this year, with 1,551,718 and 67,327 being active contributors and number of registered establishments, respectively, on SSNIT, as at March 2019.
He said 60 years constitute the compulsory retirement age but a contributor has an option to retire voluntarily between ages 55-59, under Pension ACT 766.
Mr Sekyere said basic salaries, which exclude allowances are used in the computation of benefits with an average of 36 best months’ salary and a minimum of 180 months was required to qualify for monthly pension.
He said a minimum pension right earned for 180 months (15 years) is pegged at 37.5 per cent and that of maximum pension right for 420 months (35 years) constitute 60 per cent with the pension right determining the percentage of the basic salary a pensioner would receive on retirement.
The General Manager of Benefits explained that every additional percentage that one contributes after the 180 months would give the contributor an added percentage of 0.09375 per cent or 0.0009375.
Dr John Ofori-Tenkorang, Director-General of SSNIT assured workers that pensions were legislated by Parliament and that law would be applied religiously to pensions without fear or favour.
He said SSNIT is poised to engage all stakeholders and to update its mandate of maintaining the sustainability of the scheme for generations yet unborn.
He said over 6,000 ghost names had been deleted from the SSNIT pension payroll, which has saved the Trust a total of GH¢34 million.