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SSNIT to review raising of retirement age from 60 to 65 years

SSNIT to review raising of retirement age from 60 to 65 years

The Social Security and National Insurance Trust (SSNIT) wants more consultations with the government and labour unions about raising the retirement age from 60 to 65 years old.

With massive liabilities on the Trust’s balance sheet, Dr John Ofori-Tenkorang, Director-General of SSNIT, believes that reviewing the retirement age, as is done in the United States, would not only relieve the Trust’s burden but would also increase contributions.

According to Dr Ofori-Tenkorang, hit outfit pays pensions for contributions as old as 100 years, and thus raising the retirement age to 65 years must be carefully considered.

“After 75 years, we’ll keep paying you until the Lord calls you home.” So, in theory, SSNIT can continue to pay until you reach the age of 101. As people live longer lives, the liability that SSNIT assumes grows enormously.”

He believes that advances in medical technology are extending people’s lives, adding that “people are becoming health conscious and taking care of themselves, and people are living longer.”“The question then becomes whether we should allow people to contribute a little bit more by gradually shifting the retirement age.” “In other countries, such as the United States, you don’t get social security until you’re 65,” the SSNIT chief alluded.

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