The Social Security and National Insurance Trust (SSNIT) has responded recent posts suggesting that it will not be able to pay benefits to members by 2036,
SSNIT’s management highlights a consistent upward trend in contributions, debunking claims of diminishing reserves.
Assuring that they have the capacity to fulfill its members’ benefit obligations with ample funds at its disposal.
This comes in response to assertions from the International Labour Organisation (ILO) suggesting that by 2036, SSNIT might struggle to meet benefit payments due to declining reserves.
In a statement conveyed to the Ghana News Agency, SSNIT management clarified that pension disbursements do not solely rely on reserves, among other pertinent points.
“The SSNIT Scheme presently receives contributions and has enough funds to pay accruing benefits due members. The pension scheme is a partially funded scheme and pension payments are funded from contributions and returns from investments.”
“…There has been steady growth in contributions. This growth is well supported by the current demographics and the dedicated activities of our staff in getting new employers and contributors to join the scheme,” the statement noted.
It added that “investment income has been healthy and would offset any unexpected deficit that may arise…The Trust has never missed any pension payment since 1991, when the pension scheme was introduced.”
