By Mildred Siabi-Mensah
Sekondi, Sept. 9, GNA – Male workers in the formal sector have been advised not to list girlfriends as sole beneficiaries of their retirement policy contributions, but to include their children, whether born within or outside marriage, particularly minors.
They were also urged to carefully apportion their benefits among beneficiaries to avoid misunderstandings in the event of their death while in active service.
Female workers, on the other hand, were advised against assuming that men would always die first and were encouraged to include their husbands among their beneficiaries.
“It is common to see women workers use their children only, leaving the husband behind. If your husband has been good to you during the marriage, be good to him by giving him a percentage of your retirement benefit,” Madam Nancy Abbey, Area Public Relations Officer for SSNIT, told workers at the Health Service Workers Union (HSWU) 82nd Anniversary Symposium in Sekondi.
The HSWU 82nd Anniversary and Union Week Celebration in the Western Region was held on the theme: “Securing Our Future Together: Harnessing the Power of HSWU Fund (Tier 3) and Collective Unity for Sustainable Wealth.”
Various speakers from National Trust Holding Company Limited (NTHC), Enterprise Insurance and the National Pensions Regulatory Authority (NPRA) reminded workers of the need to increase their savings through other fund managers, regularly follow up on their contributions, update their records and beneficiaries, and begin processing their retirement benefits early.
They said some workers waited until the 11th month of their final year before following up on their pension arrangements.
Mr Samuel Namoah Polley, Regional Chairman of the Trades Union Congress (TUC), Ghana, reminded health workers to begin preparing early for retirement by taking advantage of additional voluntary savings and the HSWU Fund (Tier 3).
He said retirement planning should not be treated as an afterthought, stressing that workers would continue to have financial responsibilities even after their regular salaries stopped.
He said although regular salaries would cease upon retirement, expenses including food, healthcare, accommodation, transportation, utilities and family support would remain.
He therefore urged workers to build multiple sources of financial support to avoid unnecessary hardship during retirement.
Mr Polley said the HSWU Fund (Tier 3) offered members an opportunity to take greater responsibility for their financial future, adding that it could provide an additional source of retirement income or a lump sum while encouraging long-term savings.
He said the issue was particularly important for health workers who spent years serving the health needs of others, working long hours and carrying responsibilities that contributed to the wellbeing of society.
“We therefore deserve to retire with dignity,” he said.
He urged members to understand their pension contributions, familiarise themselves with the conditions and benefits of their pension schemes, and ask questions whenever they did not understand any aspect of the arrangements.
The Chairman cautioned members against comparing their savings with those of others, saying the objective was to help them understand available options, assess their individual circumstances and make informed decisions about their financial future.
GNA
Edited by Justina Hilda Paaga /Audrey Dekalu
Mildred Siabi-Mensah