Center for Retirement Research calls for increase in pension payments
The Africa Center for Retirement Research is calling for an upward adjustment in the minimum pensions payable to low-contributing pensioners.
The center indicated that the meagre GH¢300 that low contributors receive monthly as poverty relief allowance worsens their living standards and must be increased to cushion them.
The center believes the figure is too small to sustain any pensioner in the current economic conditions.
Abdallah Mashud who is the Executive Director of the Africa Center for Retirement Research, says he expects SSNIT to increase the minimum pensions payable.
He argued the GH¢300 paid to low contributors is in contravention of both ILO’s and the National Pension’s social security legislations.
“The International Labour Organization (ILO) has emphasized the importance of maintaining minimum standards for social security administration. PNDC Law 247 and the National Pension Act also provide for the payment of minimum pension, but it has however become a major concern how minimum pension is treated by SSNIT, especially in the last few years.
“Claim analysis shows that the minimum pension had consistently increased since the year 2000 and in some cases, has even doubled especially in 2013 and 2014. The minimum pension has stood at GH¢200 for four successive years.”
Mr. Mashud further opined that it is the hope of the Center that the Government will move in to increase the minimum pension payable for the 2023 year.
“We need to also make known that the minimum pension of GH¢300, representing just $30 per month has been paid to pensioners for years and this amount is woefully inadequate so to sustain low-earning contributors, our expectation is that SSNIT must significantly increase the minimum pension for the year 2023.”