Here is all about Social Security and National Insurance Trust (SSNIT ) Retirement, Pension Contributions, Payment procedures and How To Calculate Your SSNIT Pension.
Overview Of SSNIT Retirement And Pension Contributions
- Retirement age is strictly 60 years.
- Voluntary retirement age should be between 55 and 59 years.
- Total pension contributions percentage is 18.5%.
- 13% is paid by your employer.
- The remaining 5.5% is paid by yourself which appears on your payslip every month.
- Out of the 18.5%, SSNIT manages only 13.5% of your pension deductions known as TIER 1, which they keep, manage and pay to client monthly after your retirement with interest.
- Remaining 5% of the 18.5% called TIER 2 is managed by a second insurance company of your choice.
How To Check Your SSNIT Contribution Statement
- Your SSNIT Contribution Statement can be ‘perfectly’ assessed at the end of a particular year.
- Meanwhile you can check it monthly or every 3 months to verify there are no errors in your contributions and also if your employers are duly paying your contributions.
- You can check your contributions statement online at the SSNIT website: https://www.ssnit.org.gh or at their various ATM machines centers or any of their branches nationwide.
How Long Will Ssnit Monthly Payments After Retirement Last?
- Payment is made to you until death. But at age 75, you will be required to go through an identification process every 3 years for your monthly payment to flow or it will cease flowing.
What Happens After Retirement?
- When you retire before the normal age of 60 and request for refund of your contributions;
- You will be paid 60% of your contributions monthly when you are 55 years.
- You will be paid 67.5% of your contributions monthly when you are 56 years.
- You will be paid 75% of your contributions monthly when you are 57 years.
- You will be paid 82.5% of your contributions monthly when you are 58 years.
- You will be paid 90% of your contributions monthly when you are 59 years.
- You will be paid 100% of your contributions monthly when you are 60 years and above.
- All will be paid with interest attached. Also you will only be paid before retirement if and only if you have contributed for at least 15 years or more.
Who Qualifies For Full Pension Payment
- You earn the right to claim your pension fund after 15 years of contributions.
- Pension right is the rating for the number of months you have contributed to the scheme.
- To qualify for full pension payment: You must be at least 60 years.
- You must have made a minimum contributions of 15 years in aggregate.
How To Calculate Your SSNIT Pension
- To calculate your pension, multiply your best 36 months (3 years) average salary by your pension right obtained so far.
- You can as well visit the SSNIT Pension calculator portal to calculate your pension
- SSNIT also pays a percentage of your contributions to NHIA (Managers of NHIS) every month to fund your Health insurance so that you don’t pay for it when you wantxx to renew it.
- In case of death before your retirement or even after your retirement, your total contributions will be calculated with interest and paid to your family upon submission of your medical or death certificate, police report, and affidavit from chief of town to the scheme.