Mr Ernest Amartey- Vondee, Director of Regulation, National Pensions Regulatory Authority (NPRA), said the private scheme assets have grown to GH¢13.1 billion while that of SSNIT stood at GH¢9.24 billion.
That, he said, was an indication that the tier-2 Pensions Scheme is a better choice, adding that “there is the need to improve governance of the scheme to make it succeed.
He was speaking at a panel discussion to climax this year’s Health Services Workers’ Union of TUC- Ghana Week celebration in Accra.
This year’s Week celebration was on the theme: “Organising for Better Pensions from 2020 and Beyond, A Time to make a Difference”.
Mr Amartey-Vondee noted that about 85 per cent of the active workforce are in the informal sector and were not captured under the tier-2 Pensions scheme.
“However, l am glad that Organised Labour is embarking on formalising that sector,” he said and urged the Unions to double their efforts to ensure that the enrolment became positive.
He also emphasised on the need to make Pensions Arbitration Committee functional to address grievances of contributors.
Dr Derek Amoateng, Chairman of Board of Health Sector Occupational Pension Scheme, urged contributors to fill their enrolment forms to enable them credit their investments to their accounts.
He noted that some facilities were not paying the tier-2 pensions for their members and urged contributors to constantly check to address the problem.
Mr Reynolds O. Tinkorang, the General Secretary of HSWU, said Organised Labour, spearheaded by the Union, continued to fight to ensure the Social Security Pensions for members were enhanced.
He said as a result, Organised Labour mooted for an increment of 41.9 per cent on the SSNIT lump sum to completely erase the annuity factor deductions, but after negotiations the parties settled on a 31 per cent increment for SSNIT Pensioners effective from June 1 to December, 2019, he said.
He announced that the Union paid GH¢1,061,062.00 as welfare benefits to over 500 members who have retired within the year.
Dr Kwabena Nyarko Otoo, Director of Policy Research, Labour Research Policy Institute urged the National Pensions Regulatory Authority to speed up work on the Temporary Fund Account (TPFA) data for individuals to access their data.
Mr Joshua Ansah, the Deputy Secretary General of the Trades Union Congress (TUC), Ghana the Unions support for the course of all workers in Ghana.
He commended the HSWU for their vision and exemplary leadership, which has brought the Union that far.