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POLITICS:"We Will Amend National Pension Act 2008, Act 766 For Workers Who Lost Their Jobs" - Mahama

The Flagbearer of the National Democratic Congress, (NDC), John Mahama has promised major reforms in Ghana's pensions sector should he be elected president in December.

He announced that if given the mandate in December, he will initiate the amendment of the National Pensions Act, to allow workers who have contributed to SSNIT for over 10 years to collateralize their contributions for mortgage loans.

John Mahama said the reforms will allow workers in the informal sector to benefit from the SSNIT pensions scheme.

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The former president was speaking at an engagement with professionals from the various sectors of the economy in Accra on Monday.

"We plan to amend the National pension Act 2008, Act 766 to allow workers who lose their jobs suddenly to be able to be paid a stipend while they search for new opportunities. Also, workers who have contributed between 10 and 15 years will be allowed to use their contributions as collateral to access mortgage loans in order to have a place to lay their heads".

His promise comes on the heels of a call by the Minority in parliament for the amendment of the law governing SSNIT to allow contributions draw on their pensions during difficult times like we are experiencing now due to the Covid-19 pandemic.

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The Minority in parliament stated that allowing contributors to withdraw bits of their contributions during these moments will mitigate their plight.

The Former President made a similar proposal earlier this year but it was rejected by SSNIT.

Parliament has already amended the income Tax Act 2015 5 to exempt withdrawals from third-tier provident funds and personal pension schemes from TAX.

This is to allow pensioners affected by the Coronavirus to be financially assisted.

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Story by: Rodney Tsenuokpor