National Pensions Regulatory Authority CEO proposes 65 as national retirement age

The Chief Executive Officer of the National Pensions Regulatory Authority, Mr. Christopher Boadi-Mensah has proposed that the national retirement age should be moved from 60 years to 65 years.

According to him, people still have active minds to work and do things at age 60. Adding that moving retirement age from 60 to 65 will reduce the number of people cheating with their ages and lower the burden on the Social Security & National Insurance Trust (SSNIT).

“If you live up to 85, you can see what will happen to SSNIT because it means you have to pay the person until he dies and people can retire at age 60 and they grow up to 90 and have to be paying. So we are of the view that when the retirement age is actually moved to 65. Because at age 65 people still have active minds to work and do things.” Christopher Boadi-Mensah made this proposal in an interview with TV3 monitored by Elvisanokyenews.net.

Drawing parallel to Parliamentary proceedings, the NPRA boss stated that there are some Members of Parliament who are above 60 years but making perfect contributions in the House.

“Because we think that the longevity risk is something that even other countries are looking at. Because you expose a pension. Japan for instance, where people can grow up to 100 and you continue to pay assuming they are retiring at age 60, you have 30 years to be paying these people through this fund. So when it comes on board, Honourable members there are some of you in Parliament right now who are over 60 and their contribution is very rich so why must people go on retirement at age 60.” He said.

“When people cheat with their ages because maybe they just want to continue to work. But if they know that it is 65 it will reduce that. And the funny thing is that even when people are at 60, we still give them contracts for more years and all that, why must we do that? So why can’t we just make our national retirement age 65? It is something that we are recommending.” Mr. Christopher Boadi-Mensah added.

Source: Elvisanokyenews.net