The Ghana Armed Forces (GAF) Provident Fund (PF) held a one-day sensitisation program for Officers, Men and Defence Civilian Staff (DCS) at The Square.
The primary goal is to provide personnel with information and education on strategically planning for retirement and making informed decisions to supplement their benefits after service. Participants also gained insights into the various advantages of the PF, such as tax-advantaged withdrawals, supplementary pension income, and investment avenues.
The Deputy Director Plans of PF, Wing Commander Josephine Adjei-Ephraim, representing the Director of Resettlement and Administrator of PF, Colonel Joseph Kobla Buame, explained that the Fund was created in November 2009 to provide financial support to personnel. She also noted that only 2% of personnel actively plan for retirement, while statistics show 23% of people continue to work post-retirement and 75% of retirees depend on others for support.
Wing Commander Adjei-Ephraim, urged personnel to invest in their social, health, and financial well-being to ensure a comfortable life after service. She further advised against frequent withdrawals from the fund, instead encouraging personnel to invest their End of Service benefits wisely.
The Deputy director also emphasised the importance of involving families in retirement planning to prevent future disputes with relatives or other individuals. She highlighted that the total value of the Provident Fund had grown significantly, from GHC400,000 in 2009 to GHC1,960,811,303.50 by December, 2024.
She reminded Officers and Men that PF membership is mandatory, acting as a substitute for the Social Security and National Insurance Trust (SSNIT). However, it is voluntary for DCS personnel. Officers and Men can contribute between 5% to 35% of their income, with larger contributions resulting in greater returns. DCS contributions range from 5% to 20%, taking into account their 18.5% SSNIT deduction.
The Manager of Alternative Delivery Channels, Services Integrity Savings and Loans (SIS&L) Joseph Adjei, highlighted the array of financial products and services available to fund contributors, including loan options, deposit accounts, and investment prospects. Following an interactive Q&A session, Wing Commander Josephine Adjei Ephraim encouraged all personnel to invest in the Provident Fund (PF), stressing its potential to ensure a more secure and satisfying retirement.
