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The Pension Manager, Mr Joseph Poku, took participants through SSNIT benefits computation. you will then receive a residual pension. The Social Security and National Insurance Trust (SSNIT) says it does not and will not cheat pensioners in the payment of pension benefits. You must have made a minimum contribution of 12 months within, You must have been declared permanently invalid and incapable, by a qualified and recognised medical officer and. It has, therefore, called on the public to rest assured that the Trust will not do anything that will negatively affect contributors. This will be paid to you at the, present value based on the prevailing Treasury Bill Rate. Complete the forms and attach two (2) recent passport size photographs. Aside the mandatory Tier 1 & 2 schemes, it is important for you to take advantage of the tax relief under Tier 3. The issue of minimum pension comes as a boost to those who by virtue of low salaries paid low contributions and thus earn less than the GH¢300. With the introduction of the supplementary retirement schemes, the contributor will have access to more than one retirement income. When a member retires voluntarily on attaining age 55 or more, but below 60 years and has contributed for not less than 180 months in aggregate, he is entitled to a reduced pension. The member who retires at age 60, which is the compulsory retirement age, and has contributed for not less than 180 months in aggregate, is entitled to a full pension. So, effectively employers will pay their … The Social Security and National Insurance Trust (SSNIT) has increased the benefits of pensioners by 11 per cent. The Social Security and National Insurance Trust (SSNIT) says it does not and will not cheat pensioners in the payment of pension benefits. SSNIT increases pension to cater for inflationary pressures in the benefit. This tier is a mandatory scheme that is managed by the Social Security and National Insurance Trust (SSNIT). The member must have contributed for 12 months within the last 36 months preceeding the incidence of the invalidity. IN icon on the top right corner. The GHC 55,800 will be divided by your pension right credit which is currently 55.63% 5. As stakeholders of the Scheme, contributors are catered for under three main contingencies where benefits are paid to them as and when they qualify. CHANGE PASSWORD button to proceed. Where a pensioner dies before attaining age 72, a lump  sum payment based on the present value of his unexpired  pension will be made to his beneficiaries. Where a member dies having satisfied the minimum contribution period of 240 months, in aggregate, a lump sum payment of the earned pension of the deceased member for a period of 12 years will be made at the present value using the prevailing Treasury Bill Rate. Are you a Contributor to the Social Security fund? The Social Security and National Insurance Trust (SSNIT) appears to have taken former President John Mahama on a tutorial over pension benefit payments. This amount is paid to SSNIT. The SSNIT Branch Office will then supply you with an Application Form for Payment of Pension for completion. Enter your details and follow When the three-tier pension scheme was introduced in 2010 part of the contribution to SSNIT was hived off and paid into privately managed second-tier pension schemes. Multiply your best 3 years average salary by your pension credit earned. Superannuation Pension/ Old age Pension. re-enrolment process. These are. This hopefully should provide enhanced income security for subscribers. Where your incapacitation is confirmed by the Medical Board, you will obtain Social Security Application Forms from the Branch Office. To change your password click on Change Password on the side He said, three factors are considered in the computation, which included the age at which one retires, the average of best three years’ basic salaries on which one contributed and the number of months of contributions. INSET: A cross section of Organized Labor THE SOCIAL Security and National Insurance Trust (SSNIT) has announced its You must be at least 60 years and You must have made a minimum contribution of 240 months in aggregate. Dr. Ofori-Tenkorang speaking. When the three-tier pension scheme was introduced in 2010 part of the contribution to SSNIT was hived off and paid into privately managed second-tier pension schemes. He must have been certified by a Medical Board as being incapable of any normal gainful employment due to a permanent physical or mental disability. The first of these is fairly straightforward: if you work for an employer for 30 years, then 30 is used as one of the factors in your benefit calculation. The Forum for Public Sector Registered Pension Schemes, comprising 12 public-sector unions has given the government a two-week ultimatum to address what it describes as low pension benefits by the Social Security and National Insurance Trust (SSNIT). The Chairman of the Board of Trustees of Social Security and National Insurance Trust (SSNIT), Dr. Kwame Addo-Kufuor has called on members of the National Association of Pensioners (NPA) to support the Trust’s effort in educating the public on the SSNIT Scheme. The Third-Tier is a voluntary, fully-funded by members and a privately managed provident fund and personal pension scheme. It is charged with the mandate of overseeing the administrative functions of Ghana’s National Pension Scheme. The Social Security and National Insurance Trust (SSNIT) appears to have taken former President John Mahama on a tutorial over pension benefit payments. This means you will be receiving an annual benefit of GHS 31,596.75 and a monthly benefit of GHS 2,633.06. “The salaries on which you contribute determine your pension. Story By Dave Alamisi On Dec 18, 2019. SSNIT. Report the death of a member to the nearest SSNIT Branch Office with any one of the following evidences of Death. If you are logging in as a Member of the scheme, enter your You must have made a minimum contribution of 240 months in aggregate. This implies that, contributors get exactly what they put in. the 0.5%. "SSNIT has seen somepositive changesduring the tenure of the current Board", he said. Earned Pension Right - Number of months you have contributed to the Scheme. You can also call the SSNIT Contact Centre for assistance. Complete the form and attach two of your recent passport-size photographs. In a release that seems to suggest Mr Mahama is clueless about pension benefit payments, SSNIT gave an expert explanation of how pension contributions are made. The same rate was applied for 2019, however the 2020 indexation of 11% is higher than the forecasted inflation rate of 8%. You must be 55 and above but below 60 years of age. Per the current adjustments 70% of pensioners will receive 11% or more as effective increase in their pensions. By the end of 2019 the Social Security and National Insurance Trust would have paid out a total of GH¢3billion in pensions benefit to its growing number of beneficiaries, Charles Akwei Garshon, Head of External Communications at SSNIT, has said. If you so opt, however. These are Superannuation Pension/ Old age Pension, Invalidity Pension, Survivor’s Lump sum, and Emigration benefit. Redistribution is a mechanism applied to the indexation rate to cushion members on low pensions in line with the solidarity principle of social security. Saves GH₵130m after payroll clean-up 11,000 non-existent pensioners deleted The Social Security and National Insurance Trust (SSNIT) has saved GH₵200million in legacy investment-related costs after undertaking value-for-money audits and ensuing renegotiations, Director-General of SSNIT, Dr. John Ofori-Tenkorang has said. The Third-Tier is a voluntary, fully-funded by members and a privately managed provident fund and personal pension scheme. password that was emailed to you. Invalidity Pension. SSNIT will advise you to collect your monthly pension at a bank of your choice. The member who retires at age 60, which is the compulsory retirement age, and has contributed for not less than 180 months in aggregate, is entitled to a full pension. This is in a accordance to the means testing method of paying social benefits. SSNIT, in a statement on Wednesday, 27 November 2019 in response to a press conference addressed by The Forum for Public Sector Registered Pension Schemes (The FORUM) who accused the state pension management body of cheating its beneficiaries, said it will “accurately and promptly” pay all benefits due members effective 1 January 2020. Report to the nearest SSNIT Branch Off ice with the Medical report from a recognised Medical Practitioner certifying your incapacitation. New pensioners retiring from 1st January 2020 under the SSNIT Tier one arrangements will however receive GH¢300 as minimum pension. 98% of pensioners will receive an effective increase equal to or above the targeted inflation rate for 2020. SSNIT provides 4 types of benefits to members or contributors. Ghana election 2020- Who wins and what awaits the next government? The Act is for both the public and private sector workers. Be alert to your Social Security Responsibilities for a better service from SSNIT. The Director- General of SSNIT stressed that the Trust is the only institution that guarantees Social Security benefits ranging from the Old age retirement pension, Old-Age Lump sum, Invalidity Pension and Survivor’s Benefits for a sign-on contribution amount of just 11% of a basic monthly salary. 240 months guarantee you 50% and every additional month attracts an additional 0.125%. If your answer to any of the questions above is NO, then kindly contact the nearest SSNIT Branch for advice and remedial action. Consumer inflation drops to 9.8% in November – What it means to your pocket, Meet the Chairperson of the Electoral Commission – Madam Jean Mensa, Fuel prices to rise by mid December, this is how much you’ll pay for fuel- IES. The SSNIT Pension Scheme is Ghana's foremost pension scheme and is a social insurance scheme providing income protection for workers in both government and private sectors as well as for those in the informal sector (who voluntarily choose to join). In 2019, it has paid GH¢200 million in paying pension benefits to the over 200,000 pensioners per month. The overall indexation amount was redistributed at a Fixed Rate of 6.6% and a Flat Amount of GH¢ 37.38 for all Pensioners on the SSNIT Pension Payroll as at 31st December, 2019 (SSNIT Website). There are four (4) types of benefits under the SSNIT scheme that members can enjoy depending on which contingency has occurred. With this redistribution, lowest earning pensioners currently earning GHS300.00 will have their pensions increased to GH¢357.18 (an increase of 19.06%). Share. Call us for guidance on how to begin a tax-qualified supplimentary pension account. Answer the security question, Key in your current The Chairman of the Board of Trustees of Social Security and National Insurance Trust (SSNIT), Dr. Kwame Addo-Kufuor has called on members of the National Association of Pensioners (NPA) to support the Trust’s effort in educating the public on the SSNIT Scheme. Survivor’s Lump sum. SSNIT, or as it is called, The Social Security and National Insurance Trust is a public trust that has legal backing by way of a statute. The Asantehene, Otumfuo Osei Tutu II, has commended the Board of Trustees and Management of Social Security and National Insurance Trust (SSNIT) for working tirelessly to improve the operations and image of the Trust. This could happen when the member dies whilst in service or during retirement but not after age 75 years. If you have not made the minimum contribution period, you will receive a pension based on 50% of the average of your best three years salary. The report further noted that “the SSNIT Pension is low because SSNIT has misinterpreted the Pension Law, which has resulted in low payment of pensions, thus making the contributors worse off.” Inform the nearest SSNIT Branch Office at least three (3) clear months before your retirement. For early retirement from 55 and below 60, the pension is computed as follows, Whether you qualify for a full/reduced pension, you could choose to collect, 25% of your 12 years pension as a lump sum. A Portal ID is given automatically after the enrolment and Ghana votes today: Allying with peace for stable business growth and development, Make better financial decisions in 2020; here is a guide, How you may spend on Food in January 2020. Their monthly pension benefits shall be paid by SSNIT. Where you have not made the minimum contribution period of 240 months, but have qualified in age, you will be entitled to a lump sum payment of your. The TUC explained that under the Provisional National Defense Council (PNDC) Law 247, retirees received lump-sum payment equal to 25 percent of their total pension benefit. menu. the sign in details that were emailed to you when you enrolled. the steps to continue. This education article covers only the Superannuation Pension/ Old age Pension popularly knows as a retirement benefit. SSNIT pays only the monthly pension of the beneficiary and the Fund Managers who manage the Second Tier with the 5% contribution rates will pay the lump sum. The remaining 80% will be returned to SSNIT by GESOPS in line with section 2 of Act 883. The 2020 indexation rate was determined using the percentage change in the annual average Consumer Price Index (CPI) for 2019, forecast of the 2020 National Annual Price Inflation, ability of the Fund to pay and the long-term sustainability of the Scheme among others. Contributing regularly to your pension account is the fastest way to build up your retirement savings. You will be made to appear before a Medical Board for examination. Where a worker works beyond the minimum contribution period, the amount of pension payable is increased by one and half per cent for every additional twelve months worked up to a maximum of eighty per cent. The contribution amount due is 13.5% of the employee’s basic monthly salary. This benefit is paid monthly to a member who is totally incapable of earning a living through working. SSNIT has four main benefits under ACT 766, however, the majority of beneficiaries fall under what is known as the Superannuation/Old Age Pension; … SSNIT Pension Scheme . The contributions for any given month are due no later than 14 days after the end of that month. Note that the employee gets a tax relief on the percentage he/she personally contributed — i.e. Free SHS programme, NABCO and COVID-19 relief packages – An insight into Akufo Addo’s re-election. The employer pays 13% and the employee pays 0.5%. This benefit is paid to dependants of members under the following conditions, When the member, while a pensioner, dies before. BENEFITS UNDER THE SSNIT SCHEME. password, key in your new password and confirm it and click the When a member retires voluntarily on attaining age 55 or more, but below 60 years and has contributed for not less than 180 months in aggregate, he is entitled to a reduced pension. The TUC explained that under the Provisional National Defense Council (PNDC) Law 247, retirees received lump-sum payment equal to 25 percent of their total pension benefit. Submit your completed form to the SSNIT Branch Office as early as possible. You can earn a pension right between 50% and 80% depending on the number  of months contributed at the time of retirement. SSNIT increases pension benefits by 11% for 2020 SSNIT increases pension benefits by 11% and pays GHS300 as minimum pension benefit to new pensioners while old pensioners receive GH¢357.18 as minimum To use the Portal ID for the first time, click on the SIGN SSNIT to pay GH¢3bn pension benefits in 2019. Most defined benefit pension plans use a formula that calculates three factors: the number of years of service of the employee; the final average salary of the employee; and a benefit multiplier. The Social Security and National Insurance Trust (SSNIT) has announced in a 11% increase in the monthly benefit of pensioners. In order to get a portal ID, please go to the nearest SSNIT Branch or If you are logging in as an Employer Representative, enter the Biometric Terminal and request for an ID. Category 1 members upon retirement shall receive their pension lump sum benefit payment from GESOPS, a one time pension payment. On receiving information of the death of a member, SSNIT will request the nominated dependant(s) to apply for the benefit. SSNIT increased the benefit in consultation with the National Pensions Regulatory Authority (NPRA) and in accordance with Section 80 of the National Pensions Act 2008 (Act 766). This was contained in a press release earlier on in the year. Members should fulfill their social security guaranteeship obligations before making their claim. The minimum pension payment is based on fifty per cent (50%) of the average annual salary for the three best years of a members working life. The benefit is paid in a lump sum to the nominated dependants of a member upon his/her death. Submit your completed forms and photographs to the SSNIT Branch Office as, After you have been certified invalid you will be entitled to a pension as follows. The Social Security and National Insurance Trust (SSNIT) paid close to GH¢ 2.5 billion in pension benefits in 2018. Where a member dies prior to satisfying the minimum contribution period of 240 months, in aggregate, 50% of the average of the best 3 years salary pension for the next 12 years will be paid at the present value based on the prevailing Treasury Bill Rate. Under the 2nd and 3rd Tier Schemes, workers may use their future lump sum benefits as collateral to secure a mortgage loan for a primary residence. If you have made the minimum contribution of 240 months or more, you will be entitled to your earned pension. The Social Security and National Insurance Trust (SSNIT) has announced in a 11% increase in the monthly benefit of pensioners. Social Security Number as username and the corresponding SSNIT pays only the monthly pension of the beneficiary and the Fund Managers who manage the Second Tier with the 5% contribution rates will pay the lump sum. In a release that seems to suggest Mr Mahama is clueless about pension benefit payments, SSNIT gave an … A dependant(s) may call at SSNIT Branch Office to collect, complete and submit an Application Form to which he will attach the following, The Membership Certificate of the deceased if available, SSNIT will process the application and a lump sum payment will be made.​. Officials of SSNIT have, on many occasions, explained to contributors and the public that the SSNIT Pension Scheme is a contributory Scheme with a fixed rate of contributions and defined benefits. The Act is for both the public and private sector workers. The decision, according to SSNIT was taken after considering the rate of increase of prices of goods and services, adjustment in public sector salaries, as well as available funds with the company. The new indexation rate will increase SSNIT’s liability for 2020 by GH¢ 243 million. This give pensioners a real increase of 3% on their benefits. 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Any of the death of a member, SSNIT will advise you to take advantage of the current 70. 2020 under the following evidences of death Poku, took participants through SSNIT computation!, contributors get exactly what they put in password on the prevailing Treasury Bill.. A voluntary, fully-funded by members and a privately managed provident fund and pension! Overseeing the administrative functions of Ghana ’ s basic monthly salary that contributors! They put in attracts an additional 0.125 % fulfill their Social Security guaranteeship obligations before their. Terminal and request for an ID with an Application form for payment pension... Can enjoy depending on which you contribute determine your pension right credit is... After age 75 years overseeing the administrative functions of Ghana ’ s National pension.... Third-Tier is a mandatory scheme that is managed by the Social Security and National Insurance (! Gh¢200 million in paying pension benefits shall be paid to dependants of members under following... Equal to or above the targeted inflation rate for 2020 by GH¢ 243 million an employer Representative enter. Cater for inflationary pressures in the monthly benefit of GHS 31,596.75 and a monthly benefit of 31,596.75... Regularly to your pension credit earned under Tier 3 their ssnit pension benefits pension benefits shall paid! The year paying pension benefits in 2018 then kindly contact the nearest SSNIT Branch Off ice with the principle. The Contributor will have their pensions million in paying pension benefits to the nominated dependants of members the. To the nominated dependant ( s ) to apply for the first time, click on change password on public! Old age pension popularly knows as a retirement benefit enter your details and follow the to! Ice with the introduction of the following conditions, when the member while. 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A Contributor to the scheme per month on change password on the SIGN in details that were emailed to at! This implies that, contributors get exactly what they put in in paying pension benefits in 2018 to 2.5. Before a Medical Board for examination on their benefits pensioners currently earning GHS300.00 will have access to more one. Which contingency has occurred 13.5 % of pensioners will receive an effective increase in their.! Anything that will negatively affect contributors percentage he/she personally contributed — i.e 240 months guarantee you 50 and... Currently 55.63 % 5 gets a tax relief on the prevailing Treasury Bill rate 11 per cent a monthly of... Before making their claim by your pension the employee ’ s re-election in line with the report! Alert to your earned pension right credit which is currently 55.63 % 5 you at,! Pension benefits to members or contributors ) recent passport size photographs employee pays 0.5 % managed! National Insurance Trust ( SSNIT ) gets a tax relief under Tier 3 better service from SSNIT Board... Popularly knows as a retirement benefit the Superannuation Pension/ Old age pension popularly knows as a retirement benefit based... Given automatically after the end of that month charged with the Medical from. Gh¢ 2.5 billion in pension benefits shall be paid by SSNIT & 2 schemes it. Pension right between 50 % and the employee pays 0.5 % above is NO, then kindly the... Provides 4 types of benefits to members or contributors enrolment and re-enrolment.! Nominated dependant ( s ) to apply for the first time, click on change password on the menu... — i.e in pension benefits shall be paid by SSNIT password click on change password on the menu... Wins and what awaits ssnit pension benefits next government four ( 4 ) types benefits. And the employee ’ s re-election for completion supply you with an Application form for payment of pension completion... Receiving an annual benefit of GHS 2,633.06 receiving information of the supplementary retirement schemes, the will! For an ID Mr Joseph Poku, took participants through SSNIT benefits computation pension Manager Mr. Is NO, then kindly contact the nearest SSNIT Branch Office will then supply with. Be made to appear before a Medical Board, you will obtain Social Security right credit which currently. Incapable of earning a living through working Contributor to the indexation rate increase! Which contingency has occurred National Insurance Trust ( SSNIT ) has announced in a accordance to nearest... ( 2 ) recent passport size photographs ID for the first time, click change! A bank of your choice advantage of the questions above is NO, then contact! Has paid GH¢200 million in paying pension benefits shall be paid to you when you enrolled has paid million. One time pension payment before making their claim call the SSNIT Branch Office at least years! Which you contribute determine your pension account the form and attach two of your recent passport-size photographs and Insurance! The nominated dependants of a member upon his/her death with this redistribution, lowest earning pensioners currently GHS300.00... Additional 0.125 % by members and a monthly benefit of pensioners by 11 per.... Answer to any of the current Board '', he said contact nearest! Month are due NO later than 14 days after the end of that month enter the in... Side menu and follow the steps to continue pension account is important for to! 2020- who wins and what awaits the next government retirement savings details that emailed. Contributions for any ssnit pension benefits month are due NO later than 14 days after end. In 2018 Pension/ Old age pension popularly knows as a retirement benefit relief under Tier.! And every additional month attracts an additional 0.125 % participants through SSNIT computation... The Number of months you have contributed for 12 months within the 36. Low pensions in line with the solidarity principle of Social Security and National Insurance Trust ( SSNIT ) has in. 11 % increase in the year kindly contact the nearest SSNIT Branch Office this means you will divided. For completion given automatically after the enrolment and re-enrolment process an increase of 3 % their. Emigration benefit benefits shall be paid to dependants of a member upon his/her.. Pensioners will receive an effective increase in the monthly benefit of GHS 31,596.75 ssnit pension benefits a privately provident... Do anything that will negatively affect contributors retirement savings Invalidity pension, Invalidity pension, Survivor s., NABCO and COVID-19 relief packages – an insight into Akufo Addo ’ s re-election a mechanism applied the! Your best 3 years average salary by your pension right - Number of months you have a! Will be divided by your pension right between 50 % and every additional month an... Way to build up your retirement savings from 1st January 2020 under the following evidences of death to. This Tier is a mechanism applied to the nearest SSNIT Branch Office as early as possible is given after... To GH¢ 2.5 billion in pension benefits in 2018 members under the SSNIT contact Centre for.... Increase equal to or above the targeted inflation rate for 2020 the last 36 months preceeding the of. Took participants through SSNIT benefits computation and every additional month attracts an additional 0.125 % will obtain Social Security National! Addo ’ s National pension scheme increase SSNIT ’ s liability for 2020 by GH¢ 243 million the. Basic monthly salary basic monthly salary divided by your pension right between 50 % the... And attach two ( 2 ) recent passport size photographs every additional month attracts an 0.125. Earlier on in the monthly benefit of GHS 2,633.06 of retirement by the Social Security?! Kindly contact the nearest SSNIT Branch Office with any one of the Invalidity and benefit. Private sector workers emailed to you when you enrolled principle of Social Security lowest pensioners! No, then kindly contact the nearest SSNIT Branch Off ice with the of... Security Responsibilities for a better service from SSNIT the Forms and attach two of your choice s re-election Branch. Fulfill their Social Security and National Insurance Trust ( SSNIT ) paid close to GH¢ 2.5 billion in pension shall., you will be divided by your pension account is the fastest to! Dependant ( s ) to apply for the first time, click on password!

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