The Trades Union Congress (TUC) has reviewed the state of pensions in Ghana and concluded that they are in dire straits. Dr Yaw Baah, TUC Secretary-General, has stated.
He claimed that many retirees are dying young because their monthly income is as low as $300.
He believes that this scenario must change since, around 60, retirees lack the energy to engage in active labor in order to survive, resulting in their reliance on pensions.
Dr Yaw Baah, speaking at a seminar in Accra on Thursday April 21, stated that the TUC will campaign for a pay raise.
He explained that low salaries equate to poor retirement benefits.
“We looked at pensions and those who receive them, and it’s very sad.” Low salaries directly translate to low pensions, and you will suffer even more because you have spent all of your energy working for this country, and you will be unable to do what you used to do when you are 60.
“However, that is the time when you will be earning very little.” It’s no surprise that many retirees die before their time. That needs to change. Many pensioners are earning only 300 cedis per month as I speak to you, but you will be surprised to learn that someone on the same social security scheme, SSNIT, is earning 142,000 cedis per month.
“You can get the annual pension for that pension by multiplying that by 12.” This isn’t right, and we need to make a change.”
