GNAT Advises Its Members to Join Tier 3 Voluntary Contributions for Their Own Benefit

GNAT Advises Its Members to Join Tier 3 Voluntary Contributions for Their Own Benefit–GNAT Board

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During GNAT board inauguration event with the presence of the Minister of Employment and Labour Relations, Ignatius Baffour Awuah as the guest speaker, reported by thefinderonline.com, the Chairman of the Board of the GNAT Provident Fund, Ransford Kofi Nsiah Lolih, advised the over 200,000 members of the professional body to willingly join the Fund as a way of securing their post-retirement futures.

The event was also attended by the former GNAT National President, Mrs. Philippa Larsen, former officers, current deputy general secretaries and other officers from across the country.

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Is Tier 3 Contributions Compulsory?

According to the National Pensions Act 766, tier 1 and 2 are compulsory contributions for the beneficiaries whilst the third tier contribution is voluntary.

Mr. Lolih further clarified that that the new board is dealing with the challenge of delayed remittances, which sometimes hurt the members of the scheme.

During the event, Mr. Lolih reassured all GNAT members that “the President or the General Secretary of GNAT have no other interest but to see to the development of our great association.” So, he urged members to endeavor to join the new scheme.

The Importance of the Pension

The pension helps the beneficiaries to maintain their standard of living in retirement age, here comes tier 1 and 2 compulsory contributions even tiers 3 to provide important supplemental income for unforeseen circumstances in the old age.

The Chairman of the Board of the GNAT Provident Fund urged that the issue of pensions should be taken seriously, as retirements are inevitable in the life of any one.

With the same perspective, Mr. Baffour-Awuah also added that pension scheme is one of the most important programme.

In view of this, Mr. Baffour-Awuah urged the new board to work to make the scheme “as professional as possible, devoid of any conflict of interest coming from any quarters.”

He added, “With an association that has a membership of over 200,000, having only 10,000 of them covered by the GNAT Provident Fund is not acceptable.” So, he encouraged them to help convince members to contribute to the Fund and enhance its growth.

Gnat Provident Fund Contact

Email: info@teachersfund.org.gh Call Centre: +233 302 429888 CRM: +233 302 429860.

By: Michael Djan

French Tutor and Digital Marketing Blogger/Content Writer and GhanaWeb Blogger @ frencheducationgh.com

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