SSNIT wants Ghanaians to retire at 65 years

Pension reforms

Mr Joseph Poku, Chief Actuary – SSNIT

 

Mr Joseph Poku, Chief Actuary at the Social Security and National Insurance Trust (SSNIT), has called for an increment in the statutory retirement age from 60 to 65 years to sustain contributions to the fund.

He said there was increasing benefits payouts due to number of workers retiring, adding that, the increment would help SSNIT accrued adequate funds as contributors stayed longer on the scheme.

“There is currently advancement in medicine and overall well-being, making it possible for people to live longer and stronger. The retirement age should be increased gradually to 65 years. By so doing, we can accumulate more funds which we can use to sustainably fund payments,” he reiterated.

Mr Poku made these remarks at the Pensions Conference 2022 organised by Penguard Business Solutions and Consulting and Ghanatalk Business.

The event which brought together stakeholders in the Pensions industry was on the theme, “Sustainability of Ghana’s Pensions through Reforms and Effective Management.”

He said the Scheme was also proposing an increment in the 11 per cent contributions from contributors as the current amount was low compared to the return benefits from the scheme.

Mr Poku, however, denied accusations that pensioners were not receiving moneys due them after their retirement.

He stressed that the benefits they received was due to the contributions made on their salaries.

Madam Elizabeth Birago Yeboah, Lead Pensions Consultant, Penguard Business Solutions and Consulting, said the event sought to bring together stakeholders in the pensions industry to deliberate on its sustainability.

She called on pension funds to adopt regulatory reforms to sustain contributions amidst evolving demographic development such as climate change and crisis.

She said they needed to redesign and digitilise their services to meet current market needs to attract more persons to their funds, especially those in informal sector.

Source: GNA

21 Comments
  1. Tsotsoo says

    How can we keep people working after 60 years when our children are sitting at home without jobs. Please allow people to rest when they reach 60 years old. A lot of Ghanaians have reduced their age so they get tired before 60 years. Pleae don’t encourage workers to die on the job. Thank you

  2. Hutchinson says

    SSNIT is wasteful. SSNIT just like all other pension fund management companies are licensed Ponzi schemes.
    If all those contributing now stop, they can’t pay the pensioners. Where did the pensioners money go?
    60 years is the better than. Leave it at 60 just learn to manage the contributions judiciously.

  3. Barnes kwabena says

    Please why you know now a days people do not grow up to be at 65 years before they die, I hope you the staff of are wear. So what are you talking about please, ignore that 65 years.

  4. Nii nyetei says

    SSNIT should digitize their procedures and widen the scope to embrace more of the private and informal sector. Staying on the job after 60 years should be made voluntary .

  5. Pierro says

    Retiring at 65 is a bad idea…Workers will die on the job without enjoying their retirement package. The youth will still be unemployed if we go on this trajectory…Increasing the contribution will be a plus and am sure we’ll buy into this idea.

  6. Nii says

    Thieves….they want to keep our monies…massa carry our monies give us. Contributors can’t purchase anything with their contribution yet ssnit workers enjoy our monies more than we the contributors

  7. Lucio says

    It makes sense

  8. Baaba Berhadt says

    Snnit can never give a better retiring benefits since the government has been borowing money from their coffers without any returns. There are a lot of youngsters who are unemployed. Increasing retiring age will increase unemployment rate and many sill die without taking their pension . Retiring. at 60 yrs is good. Ghanaians like following the whites. Meanwhile they have a different system.

  9. Stephen says

    Who ever suggested this is a very wicked person. U re thinking about the money n not the person’s health. Do u know what it takes to work as a lebourer from the age 20 till u retire? Perhaps if everyone has a good education n a better certificate u will not get the opportunity to sit at that office and think like this. Think abt how to make a good contribution n retire at the age of 55 or less n stop giving our hard earned money to the Npp government.

  10. Ubuntu says

    SSNIT should rather check their investments and not the years of retirement. An investment like the hotels shouldn’t be sold

  11. Knowme says

    Which medicine…God given long life and you want people to die so that you can get found for you foolish things. What medicine or good health care are people providing.this people will just stand and decide things and when we talk about it they don’t care and still implement things.65 year before you go for retirement

  12. Abaka Acquah says

    This is totally not acceptable. As economic events unfold and the death rate keeps dripping, what are the basis for that extension?

    Rather it should drop from 60 – 55years.

    How many are able to afford that advance medical treatment?

  13. EAM royals says

    Wow.
    Is it Self Serving Bias?. Let’s check his age to see whether he is close to retirement.
    I’m just thinking aloud.

  14. Sammed Kombui Tatumi to says

    I’m short of words. To retire at 65 years does not just add up. How about the children and possibly their grandchildren?
    Unemployment is one major problem facing every economies.

  15. Mathew klutse says

    The workers also telling the SSNIT that we want to retire at the age of 55yrs, also people who retire from Ghana SSNIT do you provide them a house in the time of retirement,or they’re still renting a room, SSNIT to think twice before, their come out,vary soon Ghanaian worker will stop contribution.thanks.

  16. Gilbert says

    Hey it’s not easy to be working even after the age of 50 with this poor salaries of Ghanaian workers. Those who are paid better don’t want to retire look at politicians and the like.Please let’s go early to have our peace if a log stays in water for thousand years it cannot become a crocodile rather it will rot.

  17. Sarki Ismaela says

    It will benefit a lot of Ghanaians who did not reduce their age but the voluntary retirement age should be maintained at 55 years so as not to put some people under “pressures”

  18. Kate Amo-Mensah says

    SSNIT should leave us alone we are crying for waste of time and energy please leave us alone

  19. KWAME ANNAN-SILAS says

    Retiring at age 60? Pay a visit to the factories and see how manual workers are suffering. Do SSNIT think working at the office is the same as working as a factory operative?

  20. Lakshmi says

    We want our 60 years.

  21. Charles Appiah says

    Why, do you want to increase UNEMPLOYMENT

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