Workers who turn 60 years from January 1, 2020 will no longer receive lump-sum payments from the Social Security and National Insurance Trust (SSNIT), under PNDC law 247.
Such contributors will now have to turn to the fund managers of their second-tier contribution for lump sums.
The Director-General of SSNIT, Dr John Ofori-Tenkorang, who disclosed this at a breakfast meeting with some employers in Accra yesterday (October 24), said in addition to the lump sum from the second tier, SSNIT would pay a lump sum known as past credit accruing from earlier contributions by such workers before the coming into force of the National Pensions Act, 2008 ACT[766], which introduced the tier two.
Even though the law was passed in 2008, it was operationalised in 2010.
In addition to that, SSNIT will also pay a monthly allowance to such workers.