THE IMPACT OF SOCIAL SECURITY PENSION ON RETIRED PUBLIC SECTOR WORKERS IN THE WA MUNICIPALITY

Abstract

The Social Security and National Insurance Trust (SSNIT) Pension was designed to cater for workers both in the formal and informal sectors of the economy of Ghana so as to find lasting, efficient, and acceptable solutions to the nagging problems of financing retirement benefits. The introduction of the SSNIT pension in 1972 sought to provide a wider and a more accessible coverage of pension to a broader segment of the population who retire from active work to enjoy a retirement package. However, several years after this Government policy, indicators show that pensioners especially of the public sector still bemoan their plight as though they have been made worth in retirement. The study sought to find out whether the Social Security pension scheme is a viable option for public sector workers in the Wa Municipality to benefit from a retirement plan. Therefore to collect data for the study, the researcher employed questionnaires, interview and focus group discussions. Non-random sampling method such as purposive and snow ball techniques were employed to select the respondents. The research revealed that though the SSNIT pension scheme is a viable option for increased participation of a pension scheme, it needed a better approach and that the insurance industry needed private participation to bring competition into the industry for increased access to a scheme of one's choice in the Wa Municipality. The study also revealed that a management and credibility issue of public funds were in question. The Social security and National Insurance Trust is challenged by the provision of up dated information of its beneficiaries to them and some lapses identified in the operations of the scheme. The Researcher recommends that vigorous education of service providers and some stakeholders be increased in the awareness creation on the operations of the scheme. Then stakeholders should introduce attractive packages to convince more customers.