Following the agreement of government to pay COLA to teachers and other workers, some teachers are told that the amount of COLA to be recieved is the same as the retention premium. This article seeks to explain what Retention Premium is.
The Single Spine Salary Structure Teachers’ Retention Premium is an additional payment made to the basic pay of a single post or group of posts when market pressures make it impossible for the Trust to hire and retain staff in sufficient numbers for the posts in question at the standard wage for a position of that importance.
The payment of retention premiums typically won’t go over 30% of the related person’s base pay.
The Fair Wages and Salaries Commission (FWSC) disputes claims made in some circles that retention bonuses paid to public sector employees will somehow alter the Single Spine Salary Structure (SSSS).
Retention premiums are monetary benefits provided to professionals who are in short supply in the economy under the SSSS.
The retention premium, according to the FWSC, is an incentive distinct from allowances connected to the SSSS.
When Did Teachers In Ghana Started Recieving Retention Premium?
Government agreed to pay Retention Premium after teachers embarked on a nationwide strike in 2011. Following the strike and negotiations government accepted to pay it to teachers on 11th March 2011. Since that time, teachers in Ghana receive Retention Premium.
How are Retention Premiums Paid?
Retention premium payments were made after rigorous research was used to determine the shortfalls in a given profession that needed to be filled. Any of professionals advocating for such payments had to defend their claims before the FWSC.
The research further indicates that although the retention premium is a component of the Single Spine Pay Policy (SSPP), it has no bearing on the relative pay scales of the structure.
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