The Kumasi Technical University (KsTU) has instituted a pension scheme for retired staff of the university.
Per the scheme, staff would be entitled to one month basic salary every year upon retirement, free medical care at the university’s clinic, as well as an annual support package of up to GH¢800 for prescriptions not available at the clinic.
Speaking at the launch of the Retirees Welfare Association in Kumasi, the Vice-Chancellor of the KsTU, Professor Osei-Wusu Achaw, said additionally, the scheme would bear 75 per cent of the cost of surgery should any member require a medical procedure.
He said the association was established on the belief that the members had dedicated their quality lives in service to the university.
“Therefore, it is only right as a university to return the gesture in this moment of their lives when they are weak and need support,” the Vice-Chancellor said.
The scheme, he said, would more importantly provide a sense of social and economic security for staff.
He, therefore, encouraged staff to remain dedicated to the university, with the knowledge that they stood to benefit on retirement.
Present at the ceremony were some regional executives of the National Pensioners Association, current and retired staff of the university.
The Vice-Chancellor of the Christian Service University, Professor Samuel Afrane, urged retirees to seek an expert’s advice anytime they needed to make investments, considering past experiences with some financial institutions.
The Asafo Branch Manager of the Social Security and National Insurance Trust, Henry Moro, assured pensioners and would-be pensioners of guaranteed sound treatment from the trust upon retirement.
The Executive Secretary of the National Pensioners Association of the Kumasi District, Ohene Asante, said the number of pensioners were growing at a fast rate, and that the district had now registered nearly 12,000 members.