Chairman of the Public Accounts Committee (PAC) of Parliament, James Klutse Avedzi, has said he was not taken aback when the International Labour Organisation (ILO) reported that the reserves of the Social Security and National Insurance Trust (SSNIT) would be depleted by 2036.
To buttress his claim, he asserted that SSNIT does not venture into any profitable investments.
Speaking on TV3’s Hot Issues programme, the PAC Chair said the work of SSNIT needs to be revised to ensure profitability and growth.
“SSNIT continues to enter into investments that aren’t profitable. I wasn’t surprised at the ILO report on reserves of SSNIT depleting. Something must be done about the work of SSNIT,” James Klutse Avedzi stated.
According to the latest report from the International Labour Organisation (ILO), SSNIT will likely be unable to meet benefit payments by 2036 due to dwindling reserves.
The report further stated that the combined income from contributions, investment returns, and other sources would no longer cover annual expenses, including pension payouts, by 2036.
However, SSNIT countered this assertion in a statement, highlighting that it has consistently met pension obligations since the scheme’s inception in 1991 without any missed payment periods.