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Business & Finance | Mar 23, 2004

SNNIT Contributors warned against guaranteeing loans for students

GNA
Accra, March 23, GNA - The Social Security and National Insurance Trust (SSNIT) on Thursday advised Contributors to be very careful about standing as guarantors for students they did not know personally. There had been many instances that Pensioners had had to forfeit part of their lump sum payments because they had stood as guarantors for students, who upon the completion of their courses refused to service their loans.
Mr Gaddiel Kow Edusa-Eyison, Station Master at the Government Operation Department of SSNIT Headquarters, who gave the advice when he addressed workers of the Ghana News Agency, said in the case of default, each guarantor was liable for the payment of one-third of the total debt of the beneficiary students.
"You should, therefore, investigate the background of students, who approach you before agreeing to guarantee for them. The days of extending undue sympathy are gone. Many people do not deserve such sympathy. Do not allow the respect you have for your Boss force you into an unpleasant situation in the future. You should not make such a mistake again," he warned.
Mr Edusa-Eyison said SSNIT had embarked upon a programme to educate contributors to clean their records before going on pension and called on contributors, especially those above 54 years to constantly update their records to make it easier for them to collect their benefits when they went on pension.
He said the Trust had embarked upon a programme to educate contributors to clean their records before going on pension and that they were at the GNA in respect of that.
Mr Edusa-Eyison said those who clean their records get their pension paid within 18 days and advised Contributors to inform the nearest SSNIT District Office at least three months before their retirement, to ensure that adequate preparations were made for the payment of their benefits.


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