Increasing Pension Age To 65 Years: SSNIT Wants Broader Consultations With Government And Labour

Social Security and National Insurance Trust (SSNIT) wants broader consultations with the government and labour unions over a possible increase of retirement age, from 60 to 65 years. With huge liabilities on the balance sheet of the Trust, the Director-General of the SSNIT Dr. John Ofori-Tenkorang believes reviewing the

retirement age which is the practice in the USA would not only ease the burden on the Trust, but also increase contributions. Dr. Ofori-Tenkorang said hit outfit pays pensions of contributions as old as 100 years, and therefore extending the retirement age to 65 years must be critically looked at. After 75 years, we’ll continue to

also pay you until the good Lord calls you home. So in theory, SSNIT can be paying till you are 101 years. The liability that SSNIT takes on can increase enormously as long as are living longer. He was of the view that advancement in medical technology is increasing the lifespan of people, adding people are becoming health

conscious and taking care of themselves and people are living longer. So the question then becomes, should we let people contribute a little bit more by gradually shifting the retirement age. In other countries in the US for example, you don’t get social security until you are 65, the SSNIT boss alluded. He further stated that the

question of increasing the retirement age is something that we have to look at. And this is something that you do in the tripartite way where government, employers and labour sit down and discuss.