By Prince Acquah
Cape Coast, Nov. 04, GNA – The University of Cape Coast (UCC) has established a staff provident fund scheme, to improve staff welfare and enhance their financial security.
The initiative is intended to supplement employees’ pension benefits, promote a culture of disciplined savings and ensure a dignified retirement.
Membership of the scheme is open to subvented staff, employees paid from Internally Generated Funds and eligible contract staff of the University.
Launching the fund, Professor Denis Worlanyo Aheto, the Vice Chancellor of UCC, indicated that the initiative demonstrated his administration’s commitment to the welfare, dignity and long-term financial security of the university staff.
He explained that members of the scheme were required to contribute at least 10 per cent of their salaries, to be deducted at source monthly, but could make additional contributions if they wanted to save more.
Additionally, the fund would offer loans to members to discourage frequent withdrawals from their savings.
Prof. Aheto stressed that an important benefit of a Provident Fund was that it encouraged individuals to take greater ownership of their financial future.
“We must appreciate that retirement security does not happen by chance. It requires deliberate planning, discipline and consistency throughout our working lives.
“Through this scheme, we are creating an opportunity for members of the university community to cultivate a culture of prudent financial planning and long-term savings,” he said.
The Vice Chancellor gave an assurance that management had made adequate preparations over the years, including the development of a comprehensive constitution and digital platforms to ensure the effective and professional operationalisation of the fund.
“I therefore encourage all eligible staff to embrace this initiative and take full advantage of the opportunities it offers,” he said.
He also urged members to familiarise themselves with the Scheme’s Constitution, operational guidelines and educational materials so that they could make informed decisions about their participation.
Prof. Aheto charged the fund’s Interim Board of Trustees unveiled during the launch and other relevant stakeholders to discharge their responsibilities with integrity and professionalism, stressing that the scheme’s success would depend on transparency, accountability and prudent investment management.
Prof. Samuel Essamuah Assabil, the Chairman of the Interim Board of Trustees, stressed the need for employees to prepare adequately for retirement in the active years of service, noting that retirement income from mandatory pension arrangements was mostly not sufficient.
He said regular contributions to the fund and prudent investment would enable members to build additional financial resources for their future.
“I particularly encourage our younger colleagues to appreciate the benefits of starting early, as even modest but consistent contributions can accumulate into meaningful resources through the power of compound growth,” he said.
Prof. Assabil expressed the board’s commitment of managing the fund with the “highest standards of integrity, transparency, accountability and professionalism.”
He said their priorities would include prudent investment management, effective risk management, proper accounting for members’ contributions, regular reporting and strong governance arrangements.
GNA
Edited by Alice Tettey/ Christabel Addo
Reporter: Prince Acquah
E-mail: [email protected]