Ssnit has moved retirement age from 60 to 65

Social security and national insurance trust has decided that Ghanaians will now have to retire at 65 instead of 60. This comes at the back of Auditor General’s report indicating embezzlement, stealing, useless investments amongst other financial malfeasance.

SSNIT has also admitted not having enough money to pay retiring service people in the next few years. Herh !! This country is a crime zone if you ask me.

What is the life expectancy rate or ratio in Ghana or world.?? How many people will leave till 65 to start accessing these pension funds? Must we bear the brunt of stupid SSNIT officials ? Chale sorry but me I bore rough , what nonsense.

HOW? People pay, so they should have monies to pay them back. Funny country.

That’s the trick. They know you won’t live to 65… invest extra money in cryptos instead of SSNIT, it’s b0llsh!t.

You have been more than accurate in your counsel for some of us to invest in crypto. I can’t imagine this sh*t by our so called institution managers and leaders.

I’m done getting my visa card from the bank , we will continue from where we halted the other time with regards to the Binance: hopefully tomorrow or when you are free boss.

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One must pay this useless SSNIT for so many years only to be told in his/her retirement that, there’s no money available to be paid to them. Where else can this nonsense be done in the world if not in Ghana?

A year ago or so, Ghanaians pleaded for the reduction in the retirement age or better still, the year at which one must receive his/her pension benefits to be 50-55 but they didn’t agree. Now they’ve increased it to 65 instead. What a joke and scam!!! :rage::rage:

Crypto investment over SSNIT any fucking day :heart::heart:

I was even discussing with some friends last year on why the retirement for pension has to be reduced to 45 to 50 years looking at how young folks are dying lately.

SSNIT simply wants to keep dead people’s money for their personal gains.

That’s exactly what they want to do. Keeping dead people money and so as those alive for their own personal gains.
On a more serious note, what investment does SSNIT invest in? I’ve been thinking of this quite sometime now. It’s so strange how they don’t feel ashame coming out boldly to say there’s no money available for pensioners. What kind of joke is that and what do they take us for?

I have a question. How does this SSNIT thing work. Is it like they take say 100GHS of your money every month, then give you 100GHS every month after retirement? How do they calculate it?

Yes they charge about 10 to 15 percent of your salary every every month. You pay 10 percent and you employer pays 5 or 10 percent, making 10 or 15 percent. They call this one tier one cos this is for the formal sector workers. The deduction is from source so you have no control over it , unless your employer is sturbon and doesn’t want to pay SSNIT.

5% of this cash received from SSNIT goes to registered fund management companies in Ghana to manage or invest the money. When you retire, the fund management companies gives you all the accrued 5% percent over the period.

So if it’s $1000, the company gives all that to you when you retire. But with SSNIT, they will give you like 50% percent of your total savings and spread the rest of the 50% every month till yout die. That’s you will see 90 year Olds struggling in queues just to redraw 200 cedis monthly. This is the little I know for now .

Tier 3 of the scheme is for informal sector workers who can register and pay an amount monthly towards their future retirement.

Basically if my salary is 500 cedis, SSNIT takes 60 cedis every month and then gives 20 cedis to any management company I registered with to keep or invest. My employer pays 40 cedis of this and I pay 20 cedis. That’s how it works.

This is all unnecessary complication for little profit and hassle.