Kofi Bosempem Osafo Marfo
In response to recent reports suggesting that the reserves of the Social Security and National Insurance Trust (SSNIT) are depleting, the Trust has issued a statement refuting such claims.
SSNIT has assured its members and the public that it presently has sufficient funds to pay accruing benefits and that pension payments are not funded by reserves.
The statement released by SSNIT on Friday, April 26, 2024 emphasized that the trust operates a partially funded scheme where pension payments are sustained by contributions from members and returns from investments.
It clarified that the growth in contributions, backed by current demographic trends and efforts to enroll new employers and contributors, has ensured a steady increase in funds.
Furthermore, SSNIT highlighted the robust performance of its investment income, noting that any unforeseen deficits could be offset by the healthy returns generated from investments.
The Trust also affirmed that the government is up to date with the payment of contributions on behalf of its employees and has mechanisms in place to address any outstanding dues.
According to SSNIT, the Trust has maintained a flawless record of pension payments since the inception of the pension scheme in 1991, underscoring its commitment to meeting its obligations to members.
SSNIT reassured all its members and the general public that prudent management practices will sustain the Fund’s financial stability well beyond the projected year of 2036.
As the nation approaches May Day, SSNIT extended warm wishes to all workers and pensioners in Ghana, highlighting its dedication to ensuring the continued financial security of its members. The Trust’s statement serves as a reassurance to stakeholders that SSNIT remains well-equipped to fulfill its mandate and provide reliable benefits to its members for years to come.
By Vincent Kubi