SSNIT accused of cheating in Past Credits computation

The Forum for Public Sector Registered Pension Schemes, has accused the Social Security and National Insurance Trust (SSNIT) of shortchanging its members in the computation of Past Credits.

The Past Credit is the contribution of workers to SSNIT before the coming into force of Act 766, which brought about the three-tier pension scheme.

At a press conference in Accra, The Forum said SSNIT has contravened a directive from the National Pensions Regulatory Authority (NPRA) which said Past Credits as determined must earn interest at 91-day Government of Ghana Treasury Bill Rate prevailing at the time of the contribution received.

But as Joy News reports, The Forum said it has found that this is not being done. Chairman, Isaac Bampoe Addo said “Regrettably, SSNIT has failed to comply with the NPRA directives on the Past Credits.

What SSNIT stated in its press statements are false and this is a deliberate attempt to cheat the worker.”

He said SSNIT had received the NPRA directives in September 2019 and are aware that their current method of computation is way below the instructions given by the Regulator, NPRA.”

He described as “misleading” a statement issued by SSNIT to the effect that it has recomputed the Past Credits of members using 100% Treasury Bill Rate compounded quarterly as captured in a previous agreement and that the result of that computation is shown on the Statement of Accounts of its members.

The Forum wants the issue with the Past Credit computations to be addressed without delay and called out SSNIT for not reciprocating its good gesture that was done in good faith.





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