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Employee Benefits in Ghana

  • October 2014
  • -
  • Timetric
  • -
  • 49 pages

Synopsis
The report provides in-depth industry analysis, information and insights of the employee benefits in Ghana, including:
- 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
- The regulatory framework of Ghanaian employee benefits

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.

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 benefits, long-term disability benefits, short-term sickness, medical benefits, workmen’s compensation, maternity benefits, livelihood empowerment against poverty program, leaves and holidays, redundancy, overtime compensation
- 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 Ghanaian employee benefits
- Assess the Ghanaian employee benefits market, including state and compulsory benefits and private benefits
- Gain insights into the key employee benefit schemes offered by private employers in Ghana
- Gain insights into key organizations governing Ghanaian employee benefits, and their impact on companies

Key Highlights
- 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
- It covers against the risks of old age, death, long-term disability, short-term sickness, redundancy, occupational accidents and diseases and maternity.
- Learning and development activities, personal retirement plans and employee-referral programs are typical private benefits offered by employers in Ghana

Table Of Contents

Employee Benefits in Ghana
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
3 Country Statistics
4 Overview of Employee Benefits in Ghana
5 State and Compulsory Benefits
5.1 Retirement Benefits
5.1.1 Introduction
5.1.2 Types of retirement plan
5.1.3 Eligibility
5.1.4 Age
5.1.5 Pensionable salary
5.1.6 Benefits
5.1.7 Payment options
5.1.8 Typical employer practice
5.1.9 Employee and employer contributions
5.1.10 Taxation
5.2 Death in Service
5.2.1 Introduction
5.2.2 Eligibility
5.2.3 Benefits
5.2.4 Payment options
5.2.5 Typical employer practice
5.2.6 Employee and employer contributions
5.2.7 Taxation
5.3 Long-Term Disability Benefits
5.3.1 Introduction
5.3.2 Eligibility
5.3.3 Benefits
5.3.4 Payment options
5.3.5 Typical employer practice
5.3.6 Employee and employer contributions
5.3.7 Taxation
5.4 Short-Term Sickness Benefits
5.4.1 Introduction
5.4.2 Eligibility
5.4.3 Benefits
5.5 Medical Benefits
5.5.1 Introduction
5.5.2 Eligibility
5.5.3 Benefits
5.5.4 Payment options
5.5.5 Employee and employer contributions
5.5.6 Taxation
5.6 Workmen's Compensation
5.6.1 Introduction
5.6.2 Eligibility
5.6.3 Benefits
5.6.4 Payment options
5.6.5 Employee and employer contributions
5.6.6 Taxation
5.7 Maternity Benefits
5.7.1 Introduction
5.7.2 Eligibility
5.7.3 Benefits
5.7.4 Payment options
5.7.5 Employee and employer contributions
5.7.6 Taxation
5.8 Livelihood Empowerment Against Poverty Program
5.8.1 Introduction
5.8.2 Eligibility
5.8.3 Benefits
5.9 Leave and Holidays
5.9.1 Annual leave
5.9.2 Public holidays
5.9.3 Weekly rest days
5.1 Redundancy
5.10.1 Introduction
5.10.2 Eligibility
5.10.3 Benefits
5.10.4 Payment option
5.10.5 Employee and employer contribution
5.11 Overtime Compensation
5.11.1 Introduction
5.11.2 Benefit rate
6 Private Benefits
7 Macroeconomic Indicators
7.1 Economic Performance
7.1.1 GDP at constant prices (US$)
7.1.2 GDP per capita at constant prices (US$)
7.1.3 GDP at current prices (US$)
7.1.4 GDP per capita at current prices (US$)
7.1.5 GDP by key sector
7.1.6 Inflation rate
7.1.7 Annual average exchange rate US$-GHS
7.1.8 Gross national disposable income
7.2 Demographics
7.2.1 Total population
7.2.2 Labor force
7.2.3 Urban and rural populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables
Table 1: Definitions
Table 2: Ghana - Country Statistics
Table 3: Ghana - Overall Contribution Rate
Table 4: Ghana - Early Retirement Pension Rate, 2014
Table 5: Ghana - Public Holidays, 2014

List of Figures
Figure 1: Major Institutions of the Ghana Social Security System
Figure 2: Ghanaian GDP at Constant Prices (US$ Billion), 2008-2012
Figure 3: Ghanaian GDP Per Capita at Constant Prices (US$), 2008-2012
Figure 4: Ghanaian GDP at Current Prices (US$ Billion), 2008-2012
Figure 5: Ghanaian GDP Per Capita at Current Prices (US$), 2008-2012
Figure 6: Ghanaian GDP by Key Sector (%), 2008 and 2012
Figure 7: Ghanaian Inflation Rate (%), 2008-2013
Figure 8: Ghanaian Annual Average Exchange Rate US$-GHS, 2008-2012
Figure 9: Ghanaian Gross National Disposable Income (US$ Billion), 2008-2012
Figure 10: Ghanaian Total Population (Million), 2008-2012
Figure 11: Ghanaian Size of Labor Force (Million), 2008-2012
Figure 12: Ghanaian Urban and Rural Populations (%), 2008-2012

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