Minimum age of entry into SSNIT scheme now 15 years

 

MR Peter Hayibor, Head of the Legal Department of the Social Security and National Insurance Trust (SSNIT), has disclosed that the minimum age of entry into the Social Security and National Insurance Trust (SSNIT) is now 15 years while the maximum is 45.

He said even though persons 55 years and above are exempted from joining the scheme, they could opt to contribute until they reach the age of retirement.
Mr Hayibor was speaking at a workshop organised by the management of SSNIT for some 60 media practitioners in the Western Region.

He said the new National Pensions Act 766 of 2008, which was passed by Parliament and received presidential assent on December 4, 2008 and gazette notification on December 12, 2010, provides for pension reform in Ghana through the introduction of a three-tier pension scheme.

He named the three-tier scheme as First-Tier mandatory, defined to benefit the Basic National Social Security Scheme, Second-Tier mandatory, which is fully-funded and privately managed as an occupational pension scheme and the Third-Tier voluntary, which is fully-funded Voluntary Provident Fund and Personal Pension scheme.

He explained that the creation of the Three-Tier contributory systems, will replace the current parallel SSNIT Pension Scheme, and will bring about unification of all existing public schemes within a period of five years from the commencement of the Act.

Mr Hayibor further said under the new Act, workers are to make mandatory contributions of 5.5% whilst employers contribute 13%, totalling 18.5%.

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