The Chief Executive Officer of the National Pensions Regulatory Authority (NPRA), Christopher Boadi-Mensah, has proposed that Ghana’s mandatory retirement age be reviewed upward from 60 to 65.
He made the call during a meeting with the Employment, Labour Relations and Pensions Committee of Parliament on Thursday, May 15, to brief them on the status of the country’s pension reforms.
Mr Boadi-Mensah justified the proposal by pointing to increasing life expectancy, the growing financial burden on pension schemes, and the continued capacity of senior citizens to contribute meaningfully to national development.
“People can retire at age 60, and they grow up to 90, and you have to be paying them SSNIT, you know,” he said, adding, “So we are of the view that the retirement age is actually moved to up to 65. At age 65, people still have active minds to work and do things.”
He further argued that raising the retirement age could also help curb widespread age falsification among public servants who desire to stay in employment longer.
“People cheat with their ages because maybe they think they just want to continue to work. But if they know that it’s 65 — because already people are cheating — then there won’t be any need for that,” he added.
According to him, paying pensions for three decades or more, from age 60 to 90, places immense pressure on Ghana’s limited pension funds.
