Empowering Teachers: GNAT’s Provident Fund Scheme Expansion

Empowering Teachers: GNAT’s Provident Fund Scheme Expansion

In a recent development, the National Council of the Ghana National Association of Teachers (GNAT) has made a significant decision to enhance the financial well-being of its members. The decision, reached during the National Council Meeting held at the GNAT Village in Abankro from September 25th to 30th, 2023, reflects a commitment to the betterment of teachers across the country.

The Council, responding to the pleas and popular requests from GNAT members nationwide, has directed the leadership to take necessary steps to register all members onto the GNAT Provident Fund Scheme. This move aims to provide a secure financial future for teachers, recognizing their pivotal role in shaping the nation’s future.

One key aspect of this initiative is the introduction of a Two Percent (2%) Basic Salary deduction for non-contributor GNAT members into the Provident Fund Scheme. This deduction, effective from November 2023, aligns with the Council’s vision to ensure financial security for all members, demonstrating GNAT’s responsiveness to the needs and aspirations of its diverse membership.

The decision to implement this deduction comes with the assurance of existing tax exemptions, providing an added incentive for members to actively participate in securing their financial future. This move not only acknowledges the crucial role teachers play in society but also emphasizes the importance of their well-being beyond the classroom.

To facilitate this process, GNAT has called upon the Controller and Accountant-General’s Department to effect the Two Percent (2%) Basic Salary deduction for non-contributor GNAT members. This pragmatic approach ensures a seamless transition into the Provident Fund Scheme for teachers, reflecting GNAT’s commitment to simplicity and convenience.

Moreover, the Council recognizes the individual preferences of members and allows for flexibility in contribution levels. Teachers who wish to increase their contribution beyond the mandated Two Percent (2%) to the permissible 16.5% threshold, as stipulated by law, can easily do so using the shortcode 78933#. This provision enables members to tailor their contributions according to their financial goals and aspirations.

In conclusion, the GNAT Provident Fund Scheme expansion marks a significant step towards enhancing the financial security of teachers in Ghana. By heeding the collective voice of its members, GNAT exemplifies a commitment to their welfare, emphasizing the importance of proactive financial planning. As this initiative unfolds, it stands as a testament to GNAT’s dedication to empowering teachers for a more secure and prosperous future.

Full Release
TWO PERCENT (2%) ON BASIC SALARY DEDUCTION FOR GNAT PROVIDENT FUND SCHEME (TIER-3) FOR ALL NON-CONTRIBUTORS GNAT MEMBERS
Following a decision by the National Council of Ghana National Association of Teachers (GNAT)
at its National Council Meeting held at the GNAT Village, Abankro from 25th – 30th September.
2023, the Council among other things, tasked the leadership ofGNAT to take all necessary steps to
register all members onto the GNAT Provident Fund Scheme.
The decision arrived at as a result of pleading and popular request from members of GNAT across
the country through our membership engagement programs.
Given the above and for convenience purposes, the GNAT would request the Controller and
Accountant-General’s Department to effect a deduction of Two Percent (2%) Basic Salary on cach
Non-Contributor GNAT member into the GNAT Provident Fund Scheme effective November,
2023.
This will attract the existing tax exemption as applied to members already contributing to the
Scheme.
Subsequently, those who may want to increase their contribution from 2% to the 16.5% threshold as
permitted by Law may do so by using the shortcode *78933#