The Social Security and National Insurance Trust (SSNIT) is advising employers to desist from under-declaring salaries of their workers when submitting the Contribution Report to the Trust.
Speaking at the Annual Business Forum Awards for Forty under 40 yesterday in Accra, the Director-General of SSNIT, Dr. John Ofori-Tenkorang, in a speech read on his behalf, noted that it has become imperative workers themselves show interest in knowing the contribution paid on their behalf by employers.
"The contributions or premiums you pay, must be based on the correct salaries of the workers because that will be used in computing their benefits. So if you under-declare salaries, it will lead to low pensions", he said, Michael Addo, who is a Deputy General at SSNIT.
A Contribution Report is a list of workers and their corresponding salaries compiled and submitted to SSNIT by employers at the end of every month.
This indicates the amount or earnings of every worker in an establishment, meaning that the retirement income of workers when due will be dependent on the basic salary quoted in the report.
To ensure convenience in the submission of the Contribution Report, Mr. Addo advised employers to use the SSNIT portal to carry out this monthly obligation, insisting that aside from the comfort the portal provides to employers, it also enables them to generate payment advice afterwards.
"You can email it [Contribution Report] to us or submit it at the nearest SSNIT Branch. But we advise that you validate the Contribution Report in the comfort of your offices using our web portal to generate the Payment Advice".
"With the Payment Advice, you can pay at the nearest SSNIT Branch or any of our 20 partner banks across the country", he noted.
Forty Under 40 Awards
The Forty under 40 Award identifies, honours and celebrates most influential and accomplished young business leaders under the age of forty.
These awardees are selected from a wide range of industries who are committed to business growth, professional excellence and community service and have risen through the ranks of their companies or industries at a relatively young age.
The event, which is in its 5th year, brought together more than 100 participants. It was organised by Xodus Communications Ltd, organisers of Ghana Insurance Awards, Ghana Manufacturing Awards, Ghana Oil and Gas Awards.
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