The Government has released funds to the Ministry of Employment and Labour Relations to facilitate the payment of the lump sum top-up pension benefits to beneficiaries.
The beneficiaries are those who retired under the National Pensions Act, 2008 (Act 766) in 2020 and whose benefits were lower than what they would have received under PNDCL 247.
This was disclosed to the Ghana News Agency in a communique issued at the end of a meeting held on 30th April, in Accra, between Government represented by the Ministry of Employment, Labour Relations and Pensions, the Ministry of Finance, the Controller and Accountant General’s Department, the National Pensions Regulatory Authority and the Social Security and National Insurance Trust (SSNIT) and Organised Labour represented by the Trades Union Congress (TUC) and the FORUM of the other part.
The communique was signed collectively by Mr Ignatius Baffour Awuah, the Minister of Employment, Labour Relations and Pensions; Dr Anthony Yaw Baah, Secretary General, TUC; and
Mr Isaac Bampoe Addo, Chairman, FORUM.
According to the Communique it was agreed that the government had started the payment of the TIER II outstanding arrears and agreed on payment plans with the Public Sector Schemes, having paid the first tranche on 24th April.
It said that the government would pay the agreed amounts partly in cash and government papers.
Source: Ghana News Agency