Osafo-Maafo: Akufo-Addo is concerned about pensioners

Senior Minister Yaw Osafo-Maafo has noted that President Nana Addo Dankwa Akufo-Addo is concerned about the welfare of pensioners and will, therefore, not do anything to short-change them.

According to him, the President acknowledges the enormous pressure pension comes with, and will not deliberately do anything to deny pensioners their ‘pound of flesh’.

To this end, the government has set up a committee to determine the quantum of past credit payable to retirees and the modalities of transfer of past credit, which is still in the custody of the Social Security and the National Insurance Trust (SSNIT).

Inaugurating the 10-member committee yesterday, the Senior Minister expressed optimism that the findings of the committee would bring a finality to the controversy surrounding the past credit and related matters in the country.

Concerns

Concerns with past credit date back to 2017 when a joint ministerial technical committee was established to resolve matters relating to the Temporary Fund Account (TPFA). The joint committee recommended, among other things, that issues relating to past credit should be addressed.

However, despite significant efforts and compromises made by all parties to bring finality to the matter, discussions on the issue was inconclusive.

In 2018, the Forum of Registered Public Sector Pension Schemes petitioned the Senior Minister to look into the matter to safeguard the retirement benefit of Ghanaians. As a result, stakeholders’ engagements were held to agree on a roadmap acceptable to all parties on August 28, 2018.

Following the engagement, the government continued to engage with the forum on the best possible option to resolve the issues.

Due to inconclusive discussions at the ministerial level, the President’s attention was drawn to the matter, whereupon he directed the issue to the Senior Minister.

Commitment

President Akufo-Addo, last month, assured the labour unions of the good intentions of his government to pay any difference in lump sum payments for those retiring in 2020.

Under the terms of settlement between the government and the forum, which was adopted as consent ruling on the matter by the National Labour Commission (NLC), the committee was formed to look into the matter.

The committee is to make recommendations on how the difference in lump sum payments between PNDCL247 and Act 766 for persons going on pension between 1^st January 2020 and 31^st December 2020 should be addressed; determine the quantum of past credit for each beneficiary, and determine the modalities for the transfer of past credit still in the custody of SNNIT to the five public sector occupational pensions schemes.

The committee is expected to submit its report to the Senior Minister within one month.

Meanwhile, the Deputy Minister of Employment and Labour Relations, Bright Wireko-Brobbey, whose ministry chairs the committee, has assured that the committee will commit itself to get its report ready within a month despite the tight schedule of some of its members.