The Executive Director of the Africa Centre for Retirement Research, Abdallah Mashud, has revealed that the Social Security and National Insurance Trust (SSNIT) has failed to fully implement the reform objectives established in 2008.
Speaking on the Joy News national dialogue on pension reforms on Thursday, July 25, Mr Mashud emphasized that despite several phases of change and seven major legislative reforms, including three amendments since independence, SSNIT has not achieved its 2008 goals.
The 2008 reform objectives included:
- Enhancing retirement income security for pensioners.
- Establishing uniform rules and regulations for the administration and payment of benefits in Ghana.
"Thirteen years after the implementation of Act 766, I can confidently tell you that the objectives of the reforms in 2008 have not been fully realised," Mr Mashud disclosed.
He proposed improving connectivity among SSNIT's pension Tiers (Tier 1, Tier 2, and Tier 3), noting that countries with well-performing multi-tier pension systems have achieved excellent connectivity between these tiers.
In Ghana, however, there has been a significant disconnect between Tier 1 and Tier 2, both operationally and systematically, he added.
"In terms of social security policies, we find that about 98% of beneficiaries of deceased workers did not receive their benefits under Tier 2. Beneficiaries who received Tier 1 benefits did not receive corresponding benefits under Tier 2" Mashud explained.
Latest Stories
-
NPP race: I’m not here to test the waters; I’m here for power – Bryan Acheampong
4 minutes -
Oklahoma City Thunder beats Indiana Pacers to win first NBA title
16 minutes -
Today’s Front pages: Monday, June 23, 2025
42 minutes -
World Refugee Day: World Vision Ghana advocates empathy for refugee children
1 hour -
NPA acting CEO assures nation of 2-month fuel reserve amid global uncertainties
1 hour -
Suspected suicide bomber kills 12 in Nigeria’s Borno state
2 hours -
Customs cautions public against importing vehicles without manifest to Ghana
2 hours -
Many children do not know they have eye problems – Coordinator
2 hours -
Ghana welcomes Europe-Iran diplomatic thaw, urges Israel to join talks
2 hours -
Let us unite for victory – Bryan Acheampong urges NPP
2 hours -
Kwesi Pratt Jnr endorses incumbent GJA leadership ahead of crucial elections
2 hours -
SHEQ-PA Ghana champions sustainability at UMaT with plastic receptacle donation on World Environment Day
2 hours -
CCMA to demolish all dilapidated buildings in Cape Coast – Mayor
2 hours -
Global south leaders call for bold rethink of democratic futures at high-level Africa dialogue
2 hours -
Tunisia sentences ex-President Marzouki to 22 years in absentia
3 hours