• Mon. Sep 26th, 2022

There is no reason to raise the retirement age to 65 – Austin Gamey

Austin Gamey, a labor analyst, has urged against raising the retirement age from 60 to 65 years.

Dr. John Ofori-Tenkorang, the Director-General of the Social Security and National Insurance Trust (SSNIT), revealed earlier this week at a news conference in Accra that his organization is seeking additional conversations with the government and labor unions about the decision.

According to Dr. John Ofori-Tenkorang, extending the retirement age to 65 years would not only relieve the Trust’s burden, but also increase contributions, as his organization pays pensions for contributions as old as 100 years, and thus extending the retirement age to 65 years must be carefully considered.

When compared to the country’s unemployment rate, however, Austin Gamey stated in an interview with Citi Business News that the upturn will be unnecessary.

“To be honest, I don’t believe we need to raise the retirement age given current population growth, unemployment, and the type of age factor we have in the country.” All we have to do now is leave it alone. Everyone should retool themselves so that when they retire at 60, they can better manage their lives as private individuals till death calls. There are more unemployed individuals in this country, and people must retire early so that others can fill the void,” he explained.

Austin Gamey also stated that it is prudent to let the elderly to retire early in order for the younger generation to be signed on to various job roles when they return from school.

“I completely disagree with their proposal.” Those returning from school must also be capable of replacing those who have retired. That is exactly what has to be done. He went on to say, “We don’t need them to raise the age from 60.”

It will be noted that during a vetting procedure by the Appointments Committee in Parliament in February 2021, the Member of Parliament for Bawku Central, Mahama Ayariga, advocated for a reassessment of Ghana’s retirement age for public servants.

He believes that the age should be raised from 60 to 65. In response, the then-Minister-designate for Labour and Employment, Ignatius Baffour Awuah, stated that more consultations should be held in this regard, and that any reassessment of the retirement age must adequately evaluate the pros and downsides.

According to the National Pensions Act, 2008 (ACT 766) as revised by the National Pensions (Amendment) Act, 2014, the current retirement age in Ghana is 60. (Act 883).

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