SSNIT Laws Operating In Ghana 2021
In Ghana, every organization has its own set of laws and these laws governs the body of that organization which determines how their operations will run. In this article, we look at the laws of the SSNIT in Ghana. The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme. Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme.
Basically, the first law of the SSNIT states that one must be between the ages of 54 and 60 years before he or she will have the qualification to be a member of the SSNIT. The law also urges members to make a minimum contribution of 180 months (15 years) under act 766 and 240 months (20 years) under PNDCL 247. The law of the SSNIT seems somehow compulsory for all government workers in Ghana, but It is a 3-tier scheme where the first two are mandatory for all workers. The Third-Tier is a voluntary, fully-funded by members and a privately managed provident fund and personal pension scheme.
In this same law, the organization deducts 5.5% of the worker’s salary every month and add 13% of the worker’s basic salary to make 18.5%. Out of the 18.5% the employer is to remit 13.5% to the Trust within 14 days of the ensuing month. 2.5% of the 13.5% paid by employer to SSNIT shall be transferred by the Trust to the National Health Insurance Authority.
There is another SSNIT law which also states that the employer will go with every commitment installment with a rundown of the specialists demonstrating their government backed retirement numbers and the sum every worker is contributing, a commitment reports should be presented before the month’s over if commitments are dispatched to the Trust.
According to this SSNIT law, There will be a penalty of 3% each month which will be forced on neglected commitment. An Extra punishment of 3% each month on the commitments in addition to punishment might be forced if after composed interest notice the employer refuses to pay.
Ghana is a country that is governed by a constitution — serving as a manual for the nation, and SSNIT is an organisation body that is governed under a law and must abide by all means. This brought about the SSNIT Laws Operating In Ghana 2021.
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