SSNIT sends urgent information to all SSNIT contributors concerning benefits [DETAILS HERE]
Here, for their review, is a significant breakdown of the Social Security and National Insurance Trust (SSNIT) payouts to the contributors.
Members of the Social Security and National Insurance Trust (SSNIT), a social insurance program, make contributions while they are employed and are eligible for benefits if they are no longer employed. The Second Tier of SSNIT is a defined contribution occupational pension plan that is required for employees and includes a 5%-member contribution. Additionally, authorized Trustees privately administer the Tier’s contribution. Yes, Tier 2 is required for all employees in the formal sector; however, it is not required for independent contractors. SSNIT Tier 1 is a required basic Social Security Scheme that is administered by SSNIT.
Attention all SSNIT participants
1. A retired contributor will get his or her lump sum from Tier 2 and the SSNIT, which is required to pay the monthly pension salary.
2. Contributors who entered the Service prior to 2016 should be aware that, in addition to their Tier 2 Lump Sum, they will also get Past Credit (a sizable lump sum to be recovered from SSNIT) upon retirement. The reason for this is that money accrued in a suspended account between 2010 and 2016 before it was distributed to other Fund Managers.
3. Employees who were appointed in 2016 or later are not eligible for any SSNIT Past Credit when they retire.
4. Whether on purpose or accidentally, contributors “who have been born and reborn” (have different Dates of Birth at their employer and SSNIT) have put themselves in a difficult situation.
5. People who share the aforementioned dates but have different birthdates listed on their national identification card (Ghana Card) experience issues akin to those described above. This is due to the fact that the system will treat anyone with a different Date of Birth as a different person, and as a result, your collected contribution will be suspended while the account searches for its original owner who has undergone a date of birth metamorphosis.
6. You cannot claim your benefits after retirement if your Ghana Card has a different Date of Birth, even if it was an accident.
7. Contributors who experience the issues outlined above should fix all of the anomalies before retirement so that all of the dates are equal (tally) to make collecting benefits simple.
8. Contributors are periodically requested to update their beneficiaries so that the appropriate modifications can be made.
9. Tier 2 started operating without requiring contributors to enter any beneficiaries in relation to SSNIT. This indicates that numerous contributors under the age of 60 have passed away in the recent two years, and as a result, no recipient has received their Tier 2 Lump Sum.
10. Your Tier 2 beneficiaries may or may not be the same as your SSNIT beneficiaries. You can add or remove things, keep them all the same, overhaul them, or do both.
11. Request an extra Form if there are more than FIVE (5) beneficiaries.
12. There is NO cap on the total number of recipients. Make sure that your benefit allocation totals 100% nevertheless.
13. Include one adult (likely the mother or father of the children) who can submit claims in your “catastrophic absence” through a Letter of Consent if all the beneficiaries are minors.
14. If there is no adult beneficiary, your Tier 2 Lump Sum will be delayed in your account until any minor beneficiaries reach the age of 18 in the event of a misfortune (death of contributor).
15. Ensure that you include the right Date(s) of Birth of your Beneficiaries that match those on their Birth Certificates, or the “ID” procedure will be completed using the Date(s) entered on the Form above (Ghana Card). They are unable to assert claims otherwise.
16. The voluntary Tier 3 contribution, which is not to exceed 16.5% of the Basic Salary of the Contributor.
