The Director-General of the Social Security and National Insurance Trust (SSNIT), Kwasi Afreh Biney, has cautioned against any immediate decision to increase Ghana’s retirement age, citing potential consequences for youth employment.

Speaking on Joy News’ PM Express Business Edition, Mr Biney acknowledged that improvements in life expectancy and health have led to discussions about extending working years beyond the current retirement age.

He noted that more Ghanaians are living longer and remaining active after the age of 60. However, he said decisions on retirement age should not be based solely on demographic changes.

According to him, factors such as employment levels, unemployment rates and the availability of jobs must also be considered.

Mr Biney said any proposal to increase the retirement age should be the outcome of broad stakeholder consultations rather than a decision taken by a single institution.

He explained that extending the retirement age would have implications for the pension system, including reducing immediate pension payouts while increasing contributions to the scheme.

At the same time, he warned that keeping people in employment for longer could limit opportunities for younger people seeking to enter the workforce.

Mr Biney said policymakers must carefully assess the trade-offs between pension sustainability, labour market conditions and youth employment before making any decision.

He called for a comprehensive review of the available data and policy options to ensure that any changes serve the broader national interest.