Medical Association launches pension fund

Dr. Kwame Addo-Kufuor, Minister of Defence on Friday said it was the vision of the government to solve health issues and ensure the general well-being of individuals.

He said the government was very concerned about the plight of the elderly and pensioners who often found it difficult to settle their medical and other bills due to the meagre pension packages they live on. The "Government therefore, welcomes the idea of any organisation or association that wishes to establish a scheme that will better the life of its workers or members at retirement," he said.

Dr Addo-Kufuor, a past president of the association was launching the GMA Pension Fund in Accra at a three-day medical conference and exhibition, which opened on Wednesday. It was organised by the GMA and a UK based company, FSG Communications limited.

He said whereas in theory retirement should be a period of rest, it had practically become a traumatic experience for many, who come to the realisation that they could not cope with the sudden change.

Dr Addo-Kufuor said the SSNIT pension scheme, which provides about 50 to 80 per cent of one's salary while in active service, was inadequate and presents an insecure future for workers. “I have no doubt that retirement in a situation of financial insecurity is one of the major causes of the medical brain drain in the country," he added.

He urged the GMA to invite its external members to respond to the fund for its success. Dr. Jacob Plange-Rhule, National President of GMA, explained that contributions to the fund would be voluntary through monthly deductions.

He further explained that a contributor to the fund could only opt out after five years of continuous contribution. He appealed to members to support the scheme to ensure its success.