The National Pensions Regulatory Authority (NPRA) has teamed up with the Social Security and National Insurance Trust (SSNIT) to ensure that workers do not extend their retirement ages beyond 60 years.
This, the regulator believes will ensure that the active work force of the population is maintained, particularly workers on government payroll.
Speaking at the launch of the Negotiated Benefits Company (NBC) Limited, Gold Pension Plan, the Director of Planning, Research and Monitoring at the NPRA, Ernest Amartey-Vondee, announced that SSNIT has established a stringent process to discourage workers from extending their age.
He indicated the practice is a major challenge on government’s budget and the public sector in particular.
“Elsewhere in developed countries, workers look out for early retirement to go on vacation, rest and enjoy their pension contribution. However in Ghana, workers want to rather extend their age to keep working,” he said, asking the rationale behind such acts.
Recounting an incident that happened in one of the public agencies, Mr. Amartey-Vondee stated that the regulator was surprised when a twin brother retired five years after his twin brother retired.
“You know that about six months to your retirement, SSNIT will contact you to begin the documentation for the retirement process. Can you believe that a twin retired while his brother was due for retirement in the next five years,” he said.
He stated that such acts do not only affect productivity but it also blocks the young and the energetic youth from joining the public sector.
Speaking at the launch the Chief Executive Officer of the company, William Asiedu Yeboah, said participation in the private pension sector can be improved through campaign.
He disclosed that currently private pension customers is estimated to be over two million, a figure that could enhanced.
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