SNIT wants Ghanaians to retire at age 65 as part of pension reforms.
To maintain contributions to the fund, Mr. Joseph Poku, Chief Actuary of the Social Security and National Insurance Trust (SNIT), has recommended for an increase in the legal retirement age from 60 to 65 years.
Increasing benefits payouts, he claimed, were a result of more people retiring, and the increase would help SNIT accumulate enough cash if participants stayed on the program longer.
3
"People can now live longer and stronger lives because to advancements in medicine and general health. The retirement age should be raised to 65 years old gradually. By doing this, we may increase our financial resources and use them to sustainably fund payments "He said it again.
These comments were delivered by Mr. Poku during the Pensions Conference 2022, which was put on by Ghanatalk Business and Penguard Business Solutions and Consulting.
Stakeholders in the pensions sector gathered for an event with the theme "Sustainability of Ghana's Pensions through Reforms and Effective Management."
The Scheme, he claimed
However, Mr. Poku refuted claims that pensioners were not getting the money they were entitled to after retiring.
He emphasized that the donations made from their income were the reason they were able to enjoy the benefits.
The event aimed to bring together players in the pensions market to discuss how to make the sector sustainable, according to Madam Elizabeth Birago Yeboah, Lead Pensions Consultant, Penguard Business Solutions & Consulting.
She urged pension funds to make regulatory changes to maintain contributions in the face of demographic changes like climate change and economic hardship.
In order to draw more people to their funds, particularly those in the informal sector, she claimed that they needed to restructure and digitize their services to match modern market demands.