Business News of Friday, 12 June 2020Source: B&FT OnlineSSNIT pays GH¢59m Past Credit to pensionersSSNIT logoThe Social Security and National Insurance Trust (SSNIT) has finally resolved its long-standing battle with pensioners over disagreements on Past Credit owed the latter ever since the three-tier Pension Scheme Act 766 was implemented. This comes in the wake of 12 public sector worker unions, on Wednesday, threatening to strike after they gave a two-week ultimatum to government to ensure that the Past Credit and other issues regarding their pensions are resolved. The Past Credit simply is pensioners’ money that remained with SSNIT after the coming into force of ACT 766 which required the scheme to transfer 4 percent of pensioners funds to fund managers (second tier). Subsequently, SSNIT proposed that the Past Credit up to December 2009 should be computed using 50 percent of the annual prevailing treasury bill rate, and the interest from January 2010 also computed using 50 percent of the 91-day treasury bill rate compounded quarterly. This, however, didn’t sit well with the labour unions which calls itself FORUM and have since been in tussle with SSNIT on the computation of the Past Credit.

Source: GhanaWeb June 12, 2020 04:18 UTC