HOW SECURE IS YOUR RETIREMENT?

By Gifty Tackie

In an attempt to secure a comfortable retirement, Ghanaian workers are being urged to actively monitor their Social Security and National Insurance Trust (SSNIT) contributions in order to secure comfortable retirements. 
SSNIT is a statutory public trust in Ghana that administers the Basic National Social Security Scheme. It manages the first tier of Ghana's three-tier pension system, providing financial security to registered workers during retirement and in times of need.

After registration, 5.5% is deducted from the employee's basic salary, while the employer contributes 13% of the employee's basic salary. When the worker retires at age 60, a benefit is paid to replace part of their lost income during active service, which can be provided as either a full or reduced pension.


A public sector employee under the Ghana Education Service, Mr. Mbrah highlighted the importance of saving for the future through the Social Security and National Insurance Trust (SSNIT). He stated, "It serves as a guide for me in planning ahead for my retirement," reflecting his positive views of SSNIT. 


According to Mr. Mbrah, he believes that anyone who begins working, whether in the public or private sector, is eligible to register with SSNIT. With regards to SSNIT, the program allows all workers to insure their earned income, and new participants must be between the ages of 15 and 45.


Mr. Mbrah emphasizes the importance of regularly following up on your SSNIT contributions to ensure that your employer is making timely payments. He claims to visit the SSNIT office twice a year to obtain his statement and review it to ensure that all his contributions for the year have been paid.”


Mr. Mbrah feels that SSNIT is transparent and is satisfied with their work, especially after a complaint regarding his contributions was resolved. He takes every opportunity to educate his colleagues at work about how deductions and contributions are made. 


He also advises Ghanaians to be proactive in monitoring their contributions to avoid any gaps in their payments. He emphasizes that individuals should not wait until retirement to address issues that could have been resolved earlier.

An expert from the National Pensions Regulatory Authority (NPRA), Mr. Frank Anderson states that the fund managers ensure transparency in their work by submitting investments reports on regular basis as well as onsite monitoring.


"You enjoy till you die," Mr. Mbrah emphasized, highlighting the importance of SSNIT for a reliable source of income after retirement.


In conclusion, he advises workers not to put all their eggs in one basket and to invest in additional provident funds to secure a brighter future. He also encourages the organization to increase the percentage of funds paid to workers after retirement, ensuring that those with low incomes have sufficient financial support in their later years.
Take control of your future today by visiting the SSNIT website to request your statement and ensure accurate contributions.



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