Gov’t to absorb all 2020 retirees’ arrears

Government will absorb the shortfall in the lump sum payment by the Social Security and National Insurance Trust (SSNIT) to public sector workers who retire this year, President Nana Addo Dankwa Akufo-Addo has announced.

He said government had decided, after extensive deliberations, to resolve the issue of past credits between the beneficiaries of the PNDC Law 247 and the new three-tier pension scheme to correct the unfairness in the implementation of the new Pension reforms.

The Trades Union Congress (TUC) in September this year called on government to take liability for the shortage in the payment of lump sums to pensioners who started retiring from this year under the new pensions law, the National Pensions Act, 2008 (Act 766).

The Secretary-General of the TUC, Dr Yaw Baah, who made the call argued that the past credits of pensioners in 2020, in addition to the second-tier lump sum from private fund managers, did not tally with the benefits they would have received if they had remained under PNDC Law 247.

Speaking at the commissioning of the refurbished Hall of Trades Unions in Accra on Tuesday, President Akufo-Addo said a committee would soon be put in place to supervise the implementation of that decision by government.

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