The Social Security and National Insurance Trust ( SSNIT) says it has enough funds to pay benefits due its members.
Management of the Scheme said there had been “steady growth” in contributions, contrary to reports that its reserves were “depleting”.
The response follows reports quoting the International Labour Organisation (ILO) that the Scheme would not be able to pay benefits by 2036 due to its “dwindling reserves”.
In a statement copied to the Ghana News Agency, Management of SSNIT clarified, among other things, that pension payments were not “funded by reserves”.
“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.”
SSNIT said the Government of Ghana continued to pay contributions on behalf of its workers, and that “modalities are in place to service the outstanding contributions”.
The Management reassured the public that it would “continue to ensure prudent management of the Fund to meet its benefits payment obligations beyond 2036”.
GNA
KK
28 April 24
