BENEFITS BEYOND PENSION: PUBLIC SECTOR EMPLOYEE HIGHLIGHTS IMPORTANCE OF SAVING FOR THE FUTURE

By Muniratu Razak Abdul



Public sector employee under TAQA, Mr. Manual social welfare and environmental department highlights the importance of saving for the future through pension scheme "Is a financial arrangement that allows employee to plan or guide him during retirement".

Where anyone who begins working at a public sector is to register for the scheme. 5% is deducted from the employee paycheck whilst the employer contributes 13% of employees' salaries after registration. When the employer retired at age 60, his investment he made can be used to care for their family and health in terms of need.

Mr. Manual underline the importance of regular update that they get from the Social Security and National Insurance Trust (SSNIT) on the investment and receive information and training on the scheme every six months just to refresh themselves on the scheme. The scheme also comprises permanent disability, offering pension to the employees who cannot work as a result of illness or injury. In the event of death of the employee, the beneficiaries are also covered under survivor benefits.

He concludes by saying, although the scheme has progressed a lot in providing retirement security, challenges persist. These include administrative inefficiencies, pension payment delays, and among workers, low level of understanding about the benefits and processes of the scheme. But ongoing efforts to digitalize the system and improve education and outreach are gradually improving the experience of the workers.




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