A ten-member Committee has been inaugurated to determine the quantum of Past Credit payable to retirees and the modalities of transfer of same, which has since been in the custody of Social Security and National Insurance Trust (SSNIT).
It could be recalled that in 2017, the issue of Past Credit emerged and a Joint Ministerial Technical Committee was established to resolve the issues surrounding the Temporary Pension Fund Account (TPFA).
The Committee at the time was tasked to also address issues relating to Past Credit but, the determination of the Past Credit became inconclusive hence the need for the establishment of a Committee to further look into the matter and bring concrete solution.
Inaugurating the Committee in Accra yesterday, the Senior Minister Hon. Yaw Osafo Marfo indicated that in 2018, the Forum of Registered Public Sector Pension Scheme (FORUM) petitioned the Ministry of Employment and Labour Relations to look into the matter to safeguard the retirement benefits of hardworking Ghanaians.
“As a result, stakeholder engagements were held to agree on a roadmap acceptable to all parties,” he said, pointing out that several meetings were held to that effect; with significant progress made on the matter.
According to Yaw Osafo Marfo, under the Terms of Settlement between the government and the FORUM which was adapted as consent ruling by the National Labour Commission, a 10-member Committee, which will be chaired by the Ministry of Employment and Labour Relations, has to be established.
Stating the Terms of Reference of the Committee, the Senior Minister averred that the Committee is “To make recommendations on how the difference in lump sum payments between PNDCL 247 and ACT 766 for persons going on pension between 1st January, 2020 and 31st December, 2020 should be addressed. To determine the quantum of Past Credit for each beneficiary; and to determine the modalities for the transfer of Past Credit still in the custody of SSNIT to the five Public Sector Occupational Pension Schemes.”
The Committee is however given One Month to submit its report and recommendations to the Senior Minister.
The Senior Minister charged members of the Committee to expedite action on their findings to help achieve the purpose of its formation.
The Ten-member Committee is made up of Mr. Isaac Bampoe, Mrs. Perpetual Ofori, Eric Kabutey, Derrick Annan, Thomas Mensah, Bright Wireko Brobbey, Ms. Laurret Korkor Okyere, Hayford Amankwa, Wisdom Mensah and Emmanuel Adjorlolo.
Mr. Isaac Bampoe, who spoke on behalf of the members said the formation of the Committee is from a consensus on the Terms of Settlement and assured the Senior Minister of working to ensure that solutions are found.
He however pleaded with government to accept and hold all deliberations in good faith.
Deputy Minister for Finance, Hon. Abena Osei Asare who also spoke on the side of government, indicated that government would not shortchange anybody, hence it is the hope that the Committee would do a better job to resolve the matter and that whatever the outcomes may be, government will “implement it,” she said.
By PROSPER AGBENYEGA
