Mr Frank Odoom, Director General of Social Security and National Insurance Trust (SSNIT), on Thursday suggested to Government to establish an insurance scheme that would provide an across board social security to all Ghanaian aged.
He regretted that there were lack of enough schemes to make life more comfortable for pensioners after using their sweat and blood to toil for the nation.
“Ghana as a country should institute a welfare arrangement, where all pensioners are given a flat amount. Such an independent scheme might put smiles on the faces of pensioners,” Mr Odoom said at a meeting with the Executive Committee of Ghana Pensioners Association in Accra.
He said a percentage of the oil revenue should be set aside to finance the proposed new arrangement, and the fund should be sustainable to make payments possible always.
Mr Odoom observed that the flat amount under the SSNIT Pension Scheme had not been well understood by some pensioners.
However, he said the Trust was working to increase its investment to sustain the Scheme and ensure enough cash flow for pensioners.
In a reaction to better conditions by pensioners under the Cap 30, than those under the SSNIT Scheme, Mr Odoom said those benefits, taken from the Consolidated Fund, could be increased with a directive from the Government.
He said although payments under the SSNIT Pension Scheme was not enough compared to Cap 30, the management of SSNIT would review their operations and find means to convince government for an upward adjustment.
In an open forum, members of the Executive Committee called for intensified education on any changes on the SSNIT Pension Scheme before its implementation.
They were of the view that management of SSNIT could explore other avenues to pay better benefits to pensioners.
In an interview with the Ghana News Agency (GNA) Mr Odoom said any changes would require improved indexation and legislation to back sourcing of funds from the Consolidated Fund.