Authored by Nana Kweku Ofori Atta, Security Consultant
In Ghana, it is mandatory for employees to contribute to the SSNIT Scheme throughout their working years to secure a monthly pension upon retirement or incapacitation. In the unfortunate event of a contributor's passing, nominated individuals receive a survivor's benefit in monetary form.
Social Security provides four main types of benefits—retirement, disability, dependents, and survivors benefits—replacing a portion of a worker's pre-retirement income based on their lifetime earnings. The percentage of income replaced varies depending on earnings and the chosen start date for benefits.
As a nation, it is imperative to enhance economic practices by establishing a committee to scrutinize organizations and private companies, ensuring proper disbursement of Social Security Benefits to workers. This not only provides financial security for individuals but also contributes to national development.
To address issues of severe deprivation, the Social Security Administration should conduct regular visits to private organizations, staying informed about both new and existing staff. I propose the enactment of laws by SSNIT, making it obligatory for employers to collect specific data elements before hiring:
Employee's Name
Employee's Date of Birth
Employee's Address
Employee's SSNIT Number
Date of Hire
Employer's Name
Employer's Address
TIN Number
By emphasizing these critical data elements, employers can streamline the process, facilitating easier access to information by SSNIT. This proactive approach ensures that every citizen contributes to their retirement fund and fosters economic development.