GNAT Deducts 2% from Basic Salary of Non-Contributors for Tier 3 Provident Fund Scheme

LOAN FUND GNAT Deducts 2% from Basic Salary of Non-Contributors for Tier 3 Provident Fund Scheme

Ferdinand | EducationGhana | November 30 | GNAT Deducts 2% from Basic Salary of Non-Contributors for Tier 3 Provident Fund Scheme

 

 

Discover the latest development as the Ghana National Association of Teachers (GNAT) initiates a 2% basic salary deduction for non-contributor members towards the GNAT Provident Fund Scheme. The decision, made following the National Council Meeting, aims to address member requests and increase fund participation. Learn more about the implementation and the option for members to raise their contribution to the 16.5% threshold. Stay informed with our detailed report.


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Accra, Ghana The Ghana National Association of Teachers (GNAT) has announced a significant development affecting non-contributor members.

In a notice dated November 14, 2023, signed by Isaac Baah, Head of Compensation and Benefits, on behalf of the General Secretary, GNAT has implemented a 2% deduction from the basic salary of all non-contributor members.

The notice, addressed to key entities including National Officers, National Executives, the National Council, the Head of Payroll at GES Headquarters in Accra, and the Controller & Accountant-General’s Department in Accra, outlines the decision to deduct Two Percent (2%) from the basic salary for the GNAT Provident Fund Scheme (Tier 3).

This decision was reached following the National Council Meeting held at the GNAT Village, Abankro, from September 25th to 30th, 2023.

The National Council, in addition to other matters, tasked GNAT’s leadership with the responsibility of registering all members onto the GNAT Provident Fund Scheme.

This decision was prompted by pleas and popular requests from GNAT members nationwide through various membership engagement programs.

To facilitate the deduction for non-contributor members, GNAT has requested the Controller and Accountant-General’s Department to effect a Two Percent (2%) Basic Salary deduction for each non-contributor GNAT member into the GNAT Provident Fund Scheme, effective November 2023. It is noted that this deduction will attract the existing tax exemption applied to members already contributing to the Scheme.

Subsequently, members who wish to increase their contribution from 2% to the permissible 16.5% threshold, as permitted by law, may do so by using the shortcode 78933#.

This move by GNAT reflects a commitment to enhancing financial planning and participation in the GNAT Provident Fund Scheme, providing members with the flexibility to adjust their contributions in accordance with legal provisions. Stay tuned for further updates on this significant development.

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