Mahama promises to amend National Pension Act if elected President

ayamga

October 27, 2020 9:16 AM

John Mahama says the next National Democratic Congress (NDC) government will amend National Pension Act to allow workers collateralize their contributions.

Mahama promises to amend National Pension Act if elected President

He said this option will be made available to workers who have made SSNIT contributions for over 10 years.

Mahama said, if elected President, he will reform the pensions sector to allow workers use their contributions to mortgage loans.

SSNIT Head Office, Accra ece-auto-gen

The NDC flagbearer said this when he met with professionals from diverse backgrounds 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,” he said, as quoted by Myjoyonline.

“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.”

Earlier this year, Mahama appealed for SSNIT to release funds to some of its needy contributors in the wake of the COVID-19 pandemic.

He argued that it was only prudent for the pensions insurer to allow workers to access some of the monies they have paid over the years in order to cushion them from the economic impact of the pandemic.

The Minority in Parliament also made a similar plea but SSNIT eventually rejected the proposal.

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