The University of Cape Coast (UCC) has launched a staff provident fund scheme to provide employees with additional retirement benefits and strengthen their long-term financial security.
Under the scheme, eligible staff, including subvented employees, those paid from internally generated funds and eligible contract workers, would contributed a minimum of 10 per cent of their salaries, with deductions made at source and credited to their individual provident fund accounts.
The scheme would complement existing statutory pension benefits and allow members to make additional voluntary contributions to boost their retirement savings.
Launching the scheme at a ceremony at the university last Tuesday, the Vice-Chancellor, Prof. Denis Worlanyo Aheto, said the initiative fulfilled a commitment he made during his investiture as the substantive Vice-Chancellor on August 1, 2026.
He said the scheme formed part of management's commitment to improving staff welfare and ensuring that employees could retire with dignity, confidence and financial independence.
Workforce
Prof. Aheto said the university's achievements depended largely on the dedication and contributions of its workforce, making it necessary for management to put measures in place to safeguard their welfare beyond their years of active service.
He said considerable preparatory work had been completed to ensure the effective implementation of the scheme, including the development of a comprehensive constitution, staff education materials and a digital platform developed and tested by the Directorate of Information and Communication Technology Services.
He urged eligible employees to enrol and take advantage of the scheme, stressing that retirement security required deliberate planning, discipline and consistent savings.
He also called for transparency, accountability, prudent investment management and effective communication in the administration of the fund to sustain members' confidence.
The Chairman of the Interim Board of Trustees, Prof. Samuel Essamuah Assabil, said the scheme was intended to address the need for additional financial support for workers after retirement, noting that income from mandatory pension arrangements might not always be sufficient to sustain retirees' desired standard of living.
He said the success of the fund would depend on members' participation and confidence in its management, adding that the board was committed to protecting their contributions through prudent investment, effective risk management, proper accounting and regular reporting.
Prof. Assabil encouraged younger employees to begin saving early, explaining that consistent contributions, even in modest amounts, could accumulate into substantial retirement benefits through compound growth.
He also called on eligible staff to enrol and develop a culture of disciplined savings rather than postpone retirement planning until they were approaching the end of their working lives.
He said the board would prioritise good governance, transparency and accountability to ensure that the fund remained sustainable and served successive generations of university employees.
