SSNIT: What you must do before you retire

SSNIT contributions 

Social Security and National Insurance Trust (SSNIT) has explained what their members or SSNIT contributors must do before they retire from active service. Health as they say is wealth and wealth must /or only be worked for when you are healthy.

Social Security is a social insurance scheme where members contribute during their working life and receive benefits when they no longer earn regular income.

One may ask, “why the need for Social Security?”

The need for Social Security is vital because:

1. the family system of support for the aged, sick, orphans, etc. no longer exists.

2. every worker, after years of productive service will retire after a certain age.

3. at certain stages in life, people may become incapable of engaging in any income-generating enterprise due to old age or invalidity.

4. continuous stay of people in employment beyond a certain age deprives younger persons from getting employed, gaining experience and being promoted.

The above-listed reasons are what SSNIT identified as the reasons for one to consider the sphere of Social Security for themselves.

READ MORE: SSNIT Bio-information, its usefulness, requirements and how to apply

What you must do before you retire

Retirement comes with reasons. Age and health conditions are factors that can cause one to retire. Your years of productive work have come to an end hence, how will you live the next chapter of your life if you’re “stationed” now?

This and many thoughts will surely run through your mind when retirement starts to beep. However, you must do the following as a member of the Social Security and National Insurance Trust (SSNIT).

1. Ensure you have gone through the SSNIT biometric registration and have received your 13-digit SSNIT number.

2. Ensure that your 5.5% contribution is deducted monthly from your correct basic salary.

3. Inform SSNIT if your employer under-declares your salary or fails to pay your contribution or that of others.

4. Update your SSNIT records including any change of name, contact details, beneficiaries, etc.

5. Check your SSNIT Statement of Account periodically.

6. Update your financial data (Statement of Account) if some of your contributions over the years you have worked do not reflect on your statement.

7. Contact a SSNIT officer to be assisted to estimate your pension or use the Pension Calculator on the SSNIT website.

8. Visit the nearest SSNIT Office at least three months prior to your retirement to ensure the accuracy of your data.

READ ALSO: What you must know about the Administrative management of SSNIT

At what age can you join the SSNIT Scheme?

People willing to join the scheme should have a minimum age of 15 and a maximum age of 45.

Who can join the SSNIT Scheme?

Formal work – Clear employer-employee relationship where standard structures exist.

Semi-formal work – Individuals or small-scale units, some of which also employ family labour and/or a few hired workers, producing, distributing, providing or selling goods and services.

Apart from the formal and semi-formal workers, persons who work for themselves, example, orange sellers, taxi drivers, dressmakers, online businesses, mechanics, etc can join SSNIT as well.

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SOURCE: Coverghana.com.gh