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You can pay up to 35% of your salary tax-free into pension – NPRA

BY: Anfred

The Chief Executive Officer of the National Pensions Regulatory Authority Mr. Hayford Attah Krufi has affirmed that a pensioner can contribute or pay up to 35% of their salary, tax-free into pension.

Speaking with Reginald Addy on the AM. Ghana show, Mr. Hayford asserted that, a pension holder or a pensioner can Port their old sector of contribution to their new sector of work.

He added that in pension contribution, Tier 1 and tier 2 are mandatory.

In Ghana, 18 and a half percent of a persons  salary goes into pension and it is mandatory.  Mr Hayfor reiterated that, out of the 18 and a half percent, 5 percent of goes into tier 2 while 13 and a half percent goes into tier one. Out of the 13 and a half, 13 percent is paid by the employer while the remaining half is paid by the employee.

He stressed that SSNIT gives the 2 and a half to national health while they (SSNIT) keeps the remaining 11 percent;  invest into individual retirement and the 5% into occupational pension scheme which is invested and given as a lump-sum after retirement.

Source: Adoanewsonline

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