Ghana. Approval for SSNIT pension reforms expected shortly
Discussions and consultations concerning a proposal put forward by the external Actuaries on the Social Security and National Insurance Trust (SSNIT) scheme who recommended a 19.2 percent contribution rate to replace the existing 11 percent rate being implemented are expected to be concluded early this year.
The move is part of a number of amendments and reforms that are being considered for implementation in the National Pension Act, 2008 (Act 766) by sector Administrators – National Pension Regulatory Authority (NPRA) and SSNIT in consultation with the Trades Union Congress (TUC). Importantly, the actuarial evaluation report insists that the 19.2 percent rate is expected to improve workers’ life expectancy after retirement as well as ensure the sustainability of the pension funds.
Already, management of the Trust has put together a list of amendments and reforms needed to be considered to enable the SSNIT pension scheme to become more robust and sustainable in order to enhance the purchasing power of pensioners in the country.
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