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Story by, Paul Mensah Nsor
The Chief Executive Officer of the Ghana Employers' Association (GEA), Alex Frimpong, has emphasized the importance of collaboration between employers, employees, and the Social Security and National Insurance Trust (SSNIT) to ensure the sustainability of the trust. Speaking at a forum, Frimpong highlighted the critical role employers play in the affairs of the trust and the need to build a strong relationship between all stakeholders.
Frimpong stressed that the relationship between employers, employees, and SSNIT is crucial to the success of the trust. Employers have a legal obligation to deduct employee contributions and add their share to remit to SSNIT. However, non-remittance of contributions can affect the trust’s ability to pay benefits to pensioners.
Pensioners often face challenges when transitioning from monthly pay to pension pay. Frimpong emphasized the need for public education and sensitization to deepen the understanding of how SSNIT works and to address misconceptions. Many people do not understand how the trust works, and this lack of understanding can lead to negative perceptions.
Frimpong urged all stakeholders to work together to ensure the trust remains solid and able to protect contributors in their old age. He emphasized the need for transparency and accountability in the management of the trust. By working together, employers, employees, and SSNIT can build a strong and sustainable trust that benefits all stakeholders.
Employers' Critical Role*: Employers play a vital role in the affairs of the trust, and their contributions are essential to SSNIT's sustainability.
Building Strong Relationships*: Building a strong relationship between all stakeholders is crucial to the success of the trust.
- *Public Education and Sensitization*: Public education and sensitization are necessary to deepen the understanding of how SSNIT works and to address misconceptions.
- *Challenges Facing Pensioners and the Trust*: Pensioners face challenges when transitioning from monthly pay to pension pay, and the trust's sustainability is affected by non-remittance of contributions.
In related news, PETROSOL's CEO, Michael Bozumbil, has been appointed to represent Ghanaian employers on the National Development Planning Commission (NDPC) and the SSNIT Board of Trustees. His appointment underscores the importance of collaboration between employers, employees, and SSNIT in shaping Ghana's long-term development agenda and strengthening its social protection systems.