Ghana Statutory and Private Employee Benefits (including Social Security) – Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update
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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 Ghana employee benefits market research report provides insights into the wide range of employee benefits such as retirement benefits, long-term and short-term sickness benefits, and medical benefits as well as other state and private benefits offered by employers in Ghana.
Regulations Guiding Employee Benefits Market in Ghana
The key regulations guiding the employee benefits market in Ghana are The National Pensions Act, 2008, The Labor Code, 2003, Health Insurance Regulations, 2003 and 2012, and Workmen Compensation Act, 1987.
Ghana Employee Benefits Market Segmentation by State and Compulsory Benefits
The key state and compulsory benefits offered by employers in Ghana are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
Retirement Benefits: Retirement benefits (old-age) in Ghana comprises a three-tier system, where the first tier is the defined benefit mandatory national social security scheme for all workers or employees in Ghana. The first tier is The Basic National Social Security Scheme (BNSSS) for all workers of Ghana, the second tier is the defined contributory Mandatory Occupational Pension Scheme, and the third tier is a voluntary scheme comprising provident funds and other pension funds outside Tier I and Tier II.
Workers’ Compensation Insurance: Workmen’s compensation insurance is an employer-financed program that covers all employed persons. Employers provide the benefits in the event of an occupational accident or disease to employees. This insurance does not cover military personnel, self-employed persons, casual workers, family members of employers and agricultural employees working in enterprises that employ less than five people.
Maternity and Paternity Benefits: Ghanaian maternity benefits are regulated by the National Health Insurance Act, 2004. The general supervision of the scheme is carried out by the SSNIT. This program is administered by the NHIA.
Ghana Employee Benefits Market Segmentation by Private Benefits
The key private benefits offered by the employers of Ghana are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
Death Benefits: Employers provide death benefits through a group life insurance plan and group funeral cover. The plan provides financial assistance in the event of the death of an employer or critical illness. Few employers also provide group welfare and comprehensive group insurance plans to cover unexpected life events.
Medical Benefits: The country had a ‘cash and carry’ scheme system for any medical treatment before the launch of the public healthcare system. The government launched the National Health Insurance Scheme (NHIS) in 2003, which mainly focused on providing treatment for malaria, respiratory disease, diarrhea, diabetes, hypertension and other local needs. Despite the availability of a full-fledged public healthcare system, out-of-pocket expenses remain high in the country.
Disability Benefits: Employers do not provide standalone disability plans in Ghana. A few employers provide comprehensive group insurance plans to cover disability benefits. However, the disability benefits are also covered under group life, group funeral, employers’ liability and group personal accident insurance plans.
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Ghana Statutory and Private Employee Benefits Market Report Overview
Key Regulations | The National Pensions Act, 2008, The Labor Code, 2003, Health Insurance Regulations, 2003 and 2012, and Workmen Compensation Act, 1987 |
Key State and Compulsory Benefits | Retirement Benefits, Death in Service, Long-Term Disability Benefits, Short-Term Sickness Benefits, Medical Benefits, Workers’ Compensation Insurance, Maternity and Paternity Benefits, and Other Benefits |
Key Private Benefits | Retirement Benefits, Death Benefits, Medical Benefits, Disability Benefits, and Accidental Death and Dismemberment Benefits |
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, leaves and holidays, 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 the country
- Assess employee benefits of the market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in the country
- Gain insights into key organizations governing the employee benefits market, and their impact on companies
Table of Contents
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Frequently asked questions
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What are the key regulations guiding employee benefits market in Ghana?
The key regulations guiding employee benefits market in Ghana are The National Pensions Act, 2008, The Labor Code, 2003, Health Insurance Regulations, 2003 and 2012, and Workmen Compensation Act, 1987.
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What are the key state and compulsory benefits in the Ghana employee benefits market?
The key state and compulsory benefits in the Ghana employee benefits market are retirement benefits, death in service, long-term disability benefits, short-term sickness benefits, medical benefits, workers’ compensation insurance, maternity and paternity benefits, and other benefits.
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What are the key private benefits in the Ghana employee benefits market?
The key private benefits in the Ghana employee benefits market are retirement benefits, death benefits, medical benefits, disability benefits, and accidental death and dismemberment benefits.
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