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Remember Retirement In the Days of Your Youth

The Director General of Social and National Security Trust (SSNIT) Dr. John Ofori-Tenkorang has admonished the youth to register and contribute towards their retirement at an early age.

He told students at the University of Cape Coast during the maiden SSNIT INFO SHOP to interact with the next generation of contributors and share with them activities of the Trust.

The primary objective of SSNIT is to ensure retirement income security for workers who contribute to the scheme and ensure that every worker, who does, receives retirement and related benefits.

SSNIT is not only designed for full time workers, the director said, “because the scheme that we run, it is set up to receive contributions from members as young as [age] 15. And there’s a great value for starting early.”

He stressed that there will be a time when the major source of income is dwindled with health failure also setting in, but assured student members of Social and National Security Trust, that their current meagre contribution from their part-time jobs and startups on campus will essentially be helpful.

Explaining the categories of the scheme, he indicated that one is qualified for the Old Age Pension after contributing a minimum aggregate of 15 years, 12 months for the Invalidity Pension. “Once you qualify for pension, your monthly pension – which is payable to you until you die – is only linked to the highest salaries you earn in the best three years of your working life”.

The director said that SSNIT will also support some final year students who pursue research topics on social security, retirement planning and its related areas.

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