The Africa Centre for Retirement Research (ACRR) has petitioned the National Pensions Regulatory Authority (NPRA) to reverse the Social Security and National Insurance Scheme (SSNIT) policy that disqualifies members aged 60 and above from contributing to the scheme.

The group in a statement dated March 7 noted that if the policy is not reversed, “it will adversely and significantly affect the retirement wellbeing of over 11,000 workers and even more in the future.”

This comes after SSNIT issued a policy directive in December 2022, titled “Discontinuation of Allowing Members Aged 60 and Above to Contribute to the Scheme.”

According to ACRR, SSNIT’s policy could best be described as a social security policy disaster.

Again, ACRR stated that the policy, if not reversed, will prevent many workers from qualifying for pension, hence deepening old-age poverty and economic inequalities since bridging economic inequalities is top on the agenda of the United Nations Sustainable Development Goals (SDGs).

This, they explained is because the policy “has no actuarial linkage, is not in line with best practices, is retrogressive, represents a gross violation of the rights of workers, and could push affected workers into unplanned retirement.

“Ultimately, the policy will deepen economic inequalities and encourage old-age poverty.”

“The policy has a significant adverse effect on both the affected workers and the financial strength of the scheme, considering that SSNIT has already rejected substantial contribution income (into millions of Ghana Cedis) from employers and voluntary contributors.

“Our analysis of affected workers has revealed that 72% of them have contributed for more than 180 months in aggregate, and thus have already qualified for a pension. Why turn away contribution income from such contributors?

“It is in the interest of the NPRA to note that the action of the Trust will further increase the funding deficit of the Scheme, assuming that all the over 11,000 affected workers will apply for their benefits at a time and immediately,” ACRR explained further.

It added that “the remaining 28% will be unfairly denied the right to contribute up to the required months to qualify for a pension, and are also forced into unplanned retirement! SSNIT is a purely Social Insurance Scheme and must note that this policy will considerably affect the retirement wellbeing of thousands of workers.”

For this reason, “ACRR is strongly advocating that the policy in question will not serve the best interest of both the members and the scheme and the National Pensions Regulatory Authority (NPRA) must ensure that the policy is reversed immediately.”