SSNIT can continuously pay pension benefits – DG

Despite recent accusations to the contrary, the Social Security and National Insurance Trust (SSNIT) has reassured pensioners that the scheme will be able to pay their benefits consistently for many years to come.

In a speech delivered on his behalf, the Director General of SSNIT, Mr. Kofi Osafo-Maafo, said the system remains robust and will be able to pay pensions and meet its financial obligations in the coming years.

The confidence comes after the International Labor Organization (ILO) published a report predicting that SSNIT’s financial reserves will be depleted and that the scheme could fail by 2036.

However, Mr Osafo-Maafo stressed SSNIT’s commitment to openness, transparency and addressing the concerns of pensioners and asked the National Pensioners Association (NPA) to ignore such reports.

He stated this at the “Retiree Engagement 2024” event organized by SSNIT under the theme “Our Promise, Your Security” held in Takoradi.

This interaction provided SSNIT with a platform to explain its operational strategies to NPA members while addressing issues and concerns raised by the association for mutual benefit.

He said: “In fact, as of August 2024 alone, SSNIT has paid out over 3.7 billion cedis in pensions to over 250,000 retired workers in Ghana and we are focused on making the scheme even stronger by expanding coverage a huge number of self-employed people. -employed workers in the country.”

The SSNIT CEO emphasized that they are committed to creating a more inclusive system that benefits every worker and ensures a secure retirement for all.

Mr. Noble King Dogbatsi, Deputy Western Regional Secretary of the NPA, speaking on behalf of the Secretary General, noted that discussions on issues relating to the scheme had been widely reported in the media and this interaction had given members the opportunity to better understand its benefits. .

He said: “It is important to recognize that despite the challenges, the SSNIT pension scheme has been a lifeline, providing security, dignity and hope to us pensioners.

“Since the scheme began paying monthly pensions in the early 90s, pensioners have been paid each month according to their earned entitlement. From 1991 to the present, SSNIT has never canceled the payment of pensions to pensioners.”

He called on all other stakeholders to work with SSNIT to obtain better information about the scheme so that “we can all take an impartial and serious approach to issues related to our pensions.”

Joseph Poku, chief actuary of SSNIT, confirmed that the scheme will be able to pay pensions and meet its financial obligations beyond 2036, assuring members that their contributions will remain secure.

“In April this year, there was a theme in the media that SSNIT would collapse within the next 12 years, but we are here to assure our stakeholders that there is no truth to this,” he said.