Employee Benefits in Ghana 2021

Employee Benefits in Ghana 2021

Summary

Ghana’s social security system covers the entire population, including employees and self-employed individuals. The provision of benefits depends on the contributions made by employers, insured employees, and self-employed persons. The Ghanaian social security system has a three-tier pension scheme which was introduced in 2009. The first tier is a mandatory social insurance scheme administered by the Social Security and National Insurance Trusts (SSNIT). The second tier is a mandatory occupational pension scheme, which is privately managed, and the third tier is a voluntary, privately managed pension scheme funded through contributions from employers and employees.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Ghana, including an overview of the state and compulsory benefits in Ghana, detailed information about the private benefits in Ghana, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Ghana.

Key Highlights

• Ghana’s social security system covers the entire population, including employees and self-employed individuals
• A new contributory three-tier pension scheme, under the National Pensions Act 2008, was implemented in 2010
• The first tier is the social insurance scheme which is mandatory for both public and private sector employees
• The second tier is a privately managed occupational pension scheme, which is mandatory for all employees and is intended to provide the contributors with higher lump-sum benefits
• The third tier is a voluntary, privately managed, and fully funded provident fund and personal pension scheme

Scope



This report provides a detailed analysis of employee benefits in Ghana -

• It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits
• It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, leave and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Ghana

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in Ghana
• Assess Ghana's employee benefits market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in Malta
• Gain insights into key organizations governing Ghana's employee benefits, and their impact on companies