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20.10.2004 Business & Finance

SSNIT: We're building Trust into world-class financial institution

By GNA

Accra, Oct. 20, GNA - The Social Security and National Insurance Trust (SSNIT) on Wednesday said it was embarking on a new image to develop the Trust into a world-class financial institution dedicated to the promotion of economic security of workers in the country.

"The Trust is also committed to providing cutting edge income replacement scheme to Ghanaian workers and their dependants in the event of old age, permanent disability or death through a motivated staff and diligent leadership," Mr Theodore Fredrick Ohene, Accra East Area Manager of SSNIT, said in Accra.

He was speaking at a day's seminar organised by the Adabraka Branch of SSNIT to interact with employers and discuss their problems. Over 100 employers within the metropolis attended the seminar under the theme: "Towards Improved Service Delivery - The Role of the Employer."

Mr. Ohene said SSNIT had integrated customer service into its day-to-day operations and re-focused on regular inspection on workers to have a first hand information about their problems, among other things. He said SSNIT therefore, needed the collaboration of all stakeholders to make the new vision a reality.

Ohene Kweku Abbu-Bonsra, Area Manager, Accra West, said employers are obliged to pay workers' contributions on a regular basis and reminded them that there was penalty for non-payment.

He said it was an offence for employers to evade payment of contributions, make any false statement or representation or wilfully misrepresent or fail to disclose any material fact.

"Any person who without any reasonable excuse fails to comply with the law commits an offence and shall be liable on summary conviction to a fine or imprisonment not exceeding five years or both." Mr Abbu-Bonsra urged employers not to under-declare the basic monthly salaries in the payment of Social Security Contributions. They should also endeavour to pay their workers based on the minimum wage for meaningful pensions to avoid negative impact on workers' retirement benefits.

Ms Sheila Sampson, Adabraka Branch Manager, said, as at September 2004, 650 establishments were owing the branch some 19.1 billion cedis and appealed to them to pay their contributions promptly to enable SSNIT to up-date the accounts of the affected workers. She said late submission of contribution reports affected their ability to credit members' accounts, process and pay benefits on time.

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